Mumbai: JM Financial Ltd has said that former Citi Chief Executive Vikram Pandit and his business partner, Hari Aiyer are to buy a 3 per cent equity stake in the financial services company through an issue of warrants.
JM Financial also said it would set up a fund jointly with Pandit's firm to buy distressed assets.
The fund is targeting an initial capitalisation of $100 million, JM Financial said in a statement late on Thursday.
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09:05 PM, May 16, 2013
New York: Citigroup said it will pay $15.5 million to Vikram Pandit, its former chief executive who resigned from company last month, as well as to his top deputy. The bank said on Friday the payments to Pandit and former Chief Operating Officer John Havens reflect the progress the bank made in 2012 and work they did in some earlier years. The statement came less than a month after board...
08:27 AM, Nov 10, 2012
New York: The incredible shrinking bank may have to shrink more. In the hours after surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. Pandit left after a series of embarrassments and missteps that apparently unsettled Citigroup's board, including a "no" vote from shareholders on his pay package and a ruling from the Federal...
11:50 PM, Oct 17, 2012
New York: Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday, effective immediately, a shock change at the top of the No 3 US bank just one day after a surprisingly strong quarterly earnings report. Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank. But Citigroup shares rose...
06:03 PM, Oct 16, 2012
Washington: Citigroup's Indian American CEO Vikram Pandit and its directors have been sued by a bank shareholder over a compensation package that was contested by investors in a rare failed "say-on-pay" vote. A lawsuit filed in Manhattan on Friday by shareholder Stanley Moskal says Pandit and directors breached their fiduciary duties by awarding more than $54 million of compensation in 2011 to the executives. That pay included $15 million to...
10:20 AM, Apr 21, 2012
New York: Citigroup Chief Executive Vikram Pandit finally got his payday. The third biggest US bank company paid Pandit $14.86 million in 2011, compared with a salary of $1 and no bonus in 2010, according to a filing with the Securities and Exchange Committee. The 2011 payout included salary of $1.7 million and cash supplemented by a cash bonus of $5.3 million and options valued at $7.8 million. In 2009,...
09:16 AM, Mar 09, 2012
New York: Citigroup Chief Executive Vikram Pandit has announced 4,500 jobs cuts worldwide in the coming months as the US financial major seeks to trim costs in a bleak global economic environment. The job cuts will begin this quarter and be completed "over the next few quarters" across a range of businesses, Pandit said at a Goldman Sachs Financial Services conference. The layoffs equal about 2 per cent of Citi's...
12:35 PM, Dec 07, 2011
Washington: As Citigroup announced a better-than-expected third-quarter profit of $ 3.8 billion, its Indian-American chief Executive Vikram Pandit emphasised the banking giant's position in emerging markets as a big growth driver. Though the gains largely came from credit value adjustment (CVA) that allows the bank to book gains from increases in credit spreads, the 74 per cent rise in revenue from a year ago gave it a return of $...
10:38 AM, Oct 18, 2011
Boston: Citigroup on Thursday said it has rewarded CEO Vikram Pandit with an over 16 million dollar 'retention award' for his 'outstanding job' of steering the financial giant to profitability and executing a strategy for sustainable growth. Pandit has been taking home a token one dollar salary from Citigroup since 2009. The three-part multi-year retention award will accrue to Pandit if the company meets certain performance goals, New York-based Citigroup...
09:49 AM, May 19, 2011
New Delhi: Citigroup CEO Vikram Pandit, on his maiden visit to India since he took over the beleaguered global financial giant in 2007, says the country's institutions are strong enough to deal with any challenge. His visit comes at a time when Citi is pushing forward with its back-to-basics strategy which includes restructuring its operations and focusing on emerging markets like India. Speaking to CNBC-TV18, Pandit said that Citi was...
11:50 PM, Mar 04, 2011
New York: Citigroup Inc Chief Executive Vikram Pandit got a $1,749,999 raise on Friday. Pandit pledged in 2009 to receive an annual salary of $1 until the struggling Citigroup returned to sustained profitability. On Friday afternoon, three days after the bank reported its first full year-profit since 2007, the board raised his salary to an annual base of $1.75 million. That amount pales in comparison to some of the compensation...
08:48 AM, Jan 22, 2011
Sanjeev Aggarwal speaks to Rajdeep Sardesai about the multi-crore Citibank fraud case. ...
11:27 PM, Jan 05, 2011
New Delhi: The first complainant in the Rs 300 crore Citibank fraud, has described it as a systemic failure and has alleged the fraud is not just a bank issue, and multiple parties might be involved. Sanjeev aggarwal, MD, Helion Advisors says, "I came to know about this a month back, when we got a very cryptic call from Citibank officials, stating that there is a problem in Shivrajs' account....
06:00 PM, Jan 05, 2011
New Delhi: The Reserve Bank is investigating the Rs 300 crore fraud in Citibank's Gurgaon branch, which saw diversion of depositors funds in stock markets. "RBI is investing the matter (Citi Bank fraud)," a key Reserve Bank source said. The fraud at the Citibank's Gurgaon branch, involving diversion of depositors money into the stock market, was uncovered last week. Several high networth individuals (HNIs), including promoters of Hero Group, were...
04:11 PM, Jan 05, 2011
Gurgaon: The Gurgaon police on Tuesday registered an FIR Citibank CEO Vikram Pandit and 10 other top officials in the Rs 300-crore Citibank fraud case. The fraud at the bank's Gurgaon branch, involving diversion of depositors money into the stock market, was uncovered last week. Besides Pandit, the FIR filed by a high net worth individual (HNI) Sanjiv Agarwal with the Gurgaon police also names Citibank chairman William R Rhodes...
06:58 PM, Jan 04, 2011
His two junior colleagues get pay raise and company stock. ...
11:56 AM, Nov 18, 2009
The bank wouldn't retreat from fast-growing Asian markets. ...
01:04 PM, Jul 28, 2009
Citigroup has announced changes in several top management roles. ...
11:15 AM, Jul 10, 2009
Citibank CEO Vikram Pandit outlined his plans in an exclusive interview with CNN. ...
07:36 AM, Jun 09, 2009
