Vikram Pandit

Vikram Pandit was born in Dhantoli locality of Nagpur, Maharashtra, India, to an affluent Marathi family.{{cite book|url=https://books.google.com/books?id=urh9DwAAQBAJ&pg=PT87|title=Crash: Lessons from the entry and exit of CEOs|page=87|author=R Gopalakrishnan|date=17 December 2018|publisher=Penguin Random House India Private Limited|isbn=9789353053864|access-date=17 December 2018}}{{Cite news|url=http://www.nationaljournal.com/magazine/vikram-pandit-s-citigroup-growing-out-of-washington-s-control--20110328 |title=The Resurrection |author=Michael Hirsh |work=National Journal |date=28 March 2011 |url-status=dead |archive-url=https://web.archive.org/web/20130922090625/http://www.nationaljournal.com/magazine/vikram-pandit-s-citigroup-growing-out-of-washington-s-control--20110328 |archive-date=22 September 2013 }} His father, Shankar B. Pandit, was an executive director at Sarabhai Chemicals in Baroda.

Pandit studied at Bishop Cotton School in Nagpur,{{cite news| url=http://timesofindia.indiatimes.com/city/nagpur/Bishop-Cotton-School-starts-CBSE-pattern-school/articleshow/18147732.cms | work=The Times of India | title=Bishop Cotton School starts CBSE pattern school}} and then completed his schooling at the Dadar Parsee Youths Assembly High School in Dadar, Mumbai. When Pandit was 16 years old, he moved to the United States to attend Columbia University{{Cite news| url = http://investing.businessweek.com/research/stocks/people/person.asp?personId=525386&ticker=C | archive-url = https://web.archive.org/web/20121020092250/http://investing.businessweek.com/research/stocks/people/person.asp?personId=525386&ticker=C | url-status = dead | archive-date = 20 October 2012 |title= Executive Profile Vikram S. Pandit|publisher=Bloomberg Businessweek |date = 14 November 2014}} for his undergraduate program and, in 1976, earned his B.S. degree in electrical engineering in only three years. He then completed his M.S. in electrical engineering in 1977. Pandit subsequently turned to economics and finance and earned an MBA and PhD in finance from Columbia Business School in 1986, after publishing a thesis involving a complex financial puzzle, titled "Asset prices in a heterogeneous consumer economy."

He joined Morgan Stanley as an associate in 1983, one of the first Indians to join the company.

He was instrumental in building Morgan Stanley's electronic trading platform and prime brokerage division and in 2000, ultimately rose to the post of president and chief operating officer of its worldwide operations of the Institutional securities and Investment banking businesses.

In 2005, after more than two decades with Morgan Stanley, Vikram Pandit decided to leave the firm along with John Havens after being passed over by Philip J. Purcell.

In March 2006, Pandit and John Havens, along with Guru Ramakrishnan (former global head of trading, technology and new products in the equities group at Morgan Stanley), started the hedge fund Old Lane LLC. Citi bought the company in 2007 for $800 million, bringing both Pandit and Havens into Citi leadership. Citi named Pandit chairman and CEO of Citi Alternative Investments (CAI) unit and he later led Citi's Institutional Clients Group.

On 11 December 2007, Pandit was named the new CEO of Citigroup, replacing interim-CEO Sir Winfried Bischoff. Pandit was strongly supported by then interim chairman of Citigroup Robert Rubin, the effective successor to Chuck Prince.

On 11 February 2009, Pandit testified to Congress that he had declared to his board of directors, "My salary should be $1 per year with no bonus until we return to profitability." He also struck an apologetic tone for letting the bank consider completing the purchase of a private jet plane after receiving some $45 billion in Troubled Asset Relief Program (TARP) funds. His total 2009 compensation was $128,751, with a base salary of $125,001 and other compensation of $3,750.

In January 2011, after working for two years for a salary of $1 a year, his annual base was raised to $1.75 million for the progress Citi made under Vikram's leadership. After posting five consecutive quarterly profits, Citigroup in May 2011, announced $23.2m retention award to Pandit making him one of the highest paid CEOs. In April 2012, shareholders voted against increasing his pay to $15 million. About 55% of the votes cast were against the compensation package.

His co-chairing of Davos 2012 was criticized, with Mike Mayo, an analyst with Crédit Agricole in New York remarking: "What kind of signal does that send, that the bank that was the worst-performing in our country over the last decade and whose stock price is still down significantly since he took over, is the ambassador for our financial industry?" At Davos 2012, Pandit said that Citigroup was going "back to the basics of banking" in response to public anger about the financial crisis, and argued that, "The single biggest issue facing us is the question of jobs," giving an estimate of 400 million jobs in the next 10 years.

On 16 October 2012, Pandit unexpectedly resigned as Citigroup CEO. Michael Corbat, previously Citigroup's CEO of Europe, Middle East, and Africa, was named as his replacement.{{cite news|last=de La Merced|first=Michael J.|title=Pandit Steps Down as Citi's Chief|url=https://dealbook.nytimes.com/2012/10/16/pandit-steps-down-as-citis-chief/?hp|work=The New York Times|date=16 October 2012}} While Pandit and the company maintain that he resigned, Bloomberg News cited anonymous board sources indicating that Pandit was forced out by the board after eroding investor confidence and damaging company relations with regulators over an extended period.{{cite news|title=Citigroup Board Said to Oust Pandit After Multiple Setbacks |url=https://www.bloomberg.com/news/2012-10-16/citigroup-board-said-to-oust-vikram-pandit-over-poor-execution.html |url-status=dead |archive-url=https://web.archive.org/web/20121018000823/http://www.bloomberg.com/news/2012-10-16/citigroup-board-said-to-oust-vikram-pandit-over-poor-execution.html |archive-date=18 October 2012 }} The New York Times later identified Chairman Michael E. O'Neill as the driving force behind a months-long secret effort to oust Pandit, which culminated in a surprise ultimatum to Pandit stating that he must resign immediately, resign at the end of the year, or be fired.{{cite news|url=https://www.nytimes.com/2012/10/26/business/citi-chairman-is-said-to-have-planned-pandits-exit-for-months.html | title=Citi Chairman Is Said to Have Planned Chief's Exit Over Months | date=25 October 2012 | work=The New York Times| access-date=25 October 2012 | author=Jessica Silver-Greenberg and Susanne Craig}} His resignation followed multiple payouts to investors during ongoing fraud allegations.{{cite web |url=http://dailybail.com/home/why-is-the-sec-concealing-massive-citigroup-fraud.html | title=Why Is The S.E.C. Concealing Massive Citigroup Fraud? | date=8 November 2012 | agency=Daily Bail | access-date=8 November 2012 | author=Independent}}{{cite web |url=http://www.alternet.org/did-citigroup-defraud-billions-us-ally-abu-dhabi | title=Did Citigroup Defraud Billions from U.S. Ally Abu Dhabi? | date=5 September 2012 | agency=Alter Net | access-date=5 September 2012 | author=Independent}}{{cite news|url=https://www.nbcnews.com/id/wbna8168749 | title=Citigroup to pay $2 billion to Enron investors | date=6 October 2005 | agency=NBC News | access-date=6 October 2005}}

While CEO of Citigroup in 2007, Vikram S. Pandit earned an annualized compensation of $3,164,320, which included a base salary of $250,000, stocks granted of $2,914,320, and options granted of $0. In 2008, he earned a total compensation of $38,237,437, which included a base salary of $958,333, stocks granted of $28,830,000, and options granted of $8,432,911. However, after adjusting for Citigroup's sunken share price, the package was worth just a few million dollars. Pandit received $165 million for his hedge fund which was purchased by Citi in 2007. The fund has since been closed. In 2012, Citigroup shareholders voted in favor of a non-binding resolution to reject a $15 million pay package for Pandit. In November 2012, Pandit was paid about $6.7 million.{{cite news|url=https://www.bloomberg.com/news/2012-11-09/citigroup-ex-ceo-pandit-gets-6-7-million-compensation-for-2012.html|title=Citigroup Will Pay Former Chief Pandit $6.7 Million|publisher=Bloomberg|access-date=30 January 2013|first=Donal|last=Griffin|date=10 November 2012}}

It was reported in May 2013 that Pandit and Hari Aiyar, another Indian executive, were acquiring a 3 percent equity stake in JM Financial and launching a $100 million fund to invest in distressed assets.{{cite web|last=Braithwaite|first=Tom|title=Pandit Returns to Banking via India|date=17 May 2013|url=https://www.cnbc.com/2013/05/16/pandit-returns-to-banking-via-india.html|work=The Financial Times|access-date=17 May 2013}} It was reported in May 2016 that Pandit and Atairos Group created a new operating company, The Orogen Group, to invest in financial services companies with backing from Comcast Corporation.{{cite web|url= https://www.wsj.com/articles/ex-citigroup-head-vikram-pandit-gets-back-to-his-finance-roots-1463526230 |title=Ex-Citigroup Head Vikram Pandit Gets Back to His Finance Roots |work=The Wall Street Journal |date= 17 May 2016}}

Pandit is a member of the boards of Columbia University, Columbia Business School, the Indian School of Business, and Trinity School. He is also a member of Kappa Beta Phi.{{cite book |last=Roose |first=Kevin |date=2014 |title=Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits |location=London, UK |publisher= John Murray (Publishers), An Hachette UK Company |page=208 |isbn=978-1-47361-161-0}}

Pandit, a naturalized citizen of the United States, lives in an apartment on the Upper West Side of Manhattan. He and his wife, Swati, have two children, Rahul and Maya.

Ajay Mehta portrayed Pandit in the 2011 television film, Too Big to Fail.https://www.imdb.com/title/tt1742683/fullcredits/?ref_=tt_cst_sm

• Indians in the New York City metropolitan region

{{Reflist|refs=

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{{cite news|last=Hagan |first=Joe |url=https://nymag.com/news/businessfinance/55035/ |title=How Citigroup CEO Vikram Pandit Became the Most Powerless Powerful Man on Wall Street|publisher=New York Magazine|date=1 March 2010 |access-date=5 October 2010}}

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{{cite web|url=http://www.minglebox.com/article/executive-education/vikram-pandit-a-profile |title=Vikram Pandit: A Profile|date= 21 March 2011 |access-date=14 January 2012}}

{{cite web|url=http://secretary.columbia.edu/trustees-columbia-university/vikram-pandit|title=Office of the Secretary of The University|access-date=11 December 2007|publisher=Columbia University in The City of New York}}

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{{cite web|url=http://www.pranaygupte.com/article.php?index=607 |archive-url=https://web.archive.org/web/20150610211029/http://www.pranaygupte.com/article.php?index=607 |url-status=usurped |archive-date=10 June 2015 |title=Published in PortfolioProfile: Vikram Pandit|access-date=14 January 2012}}

{{cite news|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aP5.NZJ8oCss&refer=top_world_news |title=Pandit, Havens to Start Hedge Fund With $2 Billion |publisher=Bloomberg|access-date=14 January 2012|date=16 March 2006}} by Katherine Burton

{{cite news|last=Dash |first=Eric |url=https://dealbook.nytimes.com/2011/01/19/citigroup-names-john-havens-as-president-coo/ |title=Citigroup Names John Havens as President and C.O.O. |publisher=Dealbook.nytimes.com |date= 19 January 2011|access-date=21 January 2011}}

{{cite web|url=http://www.rediff.com/money/2007/dec/12citi.htm |title=Vikram Pandit is Citigroup CEO |work=Rediff.com |date=31 December 2007 |access-date=5 October 2010}}

{{cite news|last=Dash |first=Eric |url=http://www.businessinsider.com/vikram-pandit-one-dollar-compensation-2011-1 |title=Vikram Pandit Will FINALLY Be Making More Than $1 Per Year|publisher=businessinsider.com |date= 22 January 2011|access-date=14 January 2012}}

{{cite news |url=https://www.bloomberg.com/news/2012-01-25/citigroup-targets-banking-basics-amid-anger-pandit-says-1-.html |title=Citigroup Targets Banking Basics Amid 'Anger,' Pandit Says |author=Keith Campbell |author2=Christine Harper |date=25 January 2012 |agency=Bloomberg |access-date=26 January 2012}}

{{cite news |url=https://www.bloomberg.com/news/2012-01-23/pandit-pariah-no-more-as-u-s-bankers-gain-ascendancy-at-davos.html |title=Pandit Pariah No More as U.S. Bankers in Ascendance at Davos |author=Christine Harper |author2=Elisa Martinuzzi |date=24 January 2012 |agency=Bloomberg |access-date=24 January 2012 |quote=Some of Pandit's critics at home question whether he should take a bigger role at Davos given his bank's underperformance. Shares in the lender, which received a $45 billion government bailout during the financial crisis, have plunged 94 percent in the past decade, the most of the 24 companies in the KBW Bank Index, and 91 percent since Pandit became CEO in 2007.}}

{{cite news |url=https://www.bloomberg.com/news/2012-01-26/pandit-does-davos-0-1-gloat-madness-reigns-commentary-by-jonathan-weil.html |title=Pandit Does Davos, 0.1% Gloat, Madness Reigns |author=Jonathan Weil |date=26 January 2012 |agency=Bloomberg |access-date=26 January 2012 |quote=It's stunning when you think about it: How does Pandit, who owes much of his fortune to the American public's largess, wind up being showcased as a paragon of leadership and free enterprise, little more than a year after the U.S. Treasury finally sold the last of its Citigroup common stock?}}

{{cite news|url=https://dealbook.nytimes.com/2012/04/17/citigroup-shareholders-reject-executive-pay-plan/?nl=todaysheadlines&emc=tha2_20120418|title=Citigroup's Chief Rebuffed on Pay by Shareholders|last=Silver-Greenberg|first=Jessice|author2=Nelson D. Schwartz |date=18 April 2012|work=The New York Times|access-date=18 April 2012}}

John Cassidy {{cite magazine|url=https://www.newyorker.com/reporting/2010/11/29/101129fa_fact_cassidy?currentPage=all |title=What Good Is Wall Street?|magazine=The New Yorker|date= 29 November 2010|access-date=14 January 2012}}

Eric Dash {{cite news|url=http://dealbook.blogs.nytimes.com/2010/09/24/for-pandit-1-this-year-a-big-bump-in-2011/ |title=For Pandit, $1 This Year, a Big Bump in 2011|work= The New York Times|date=24 September 2010|first=Eric|last=Dash}}

{{cite news |url=http://www.equilar.com/CEO_Compensation/Citigroup_Vikram_S._Pandit.php |year=2007 |title=CEO Compensation for Vikram S. Pandit |publisher=Equilar |access-date=14 April 2009 |archive-url=https://web.archive.org/web/20090414091956/http://www.equilar.com/CEO_Compensation/Citigroup_Vikram_S._Pandit.php |archive-date=14 April 2009 |url-status=dead}}

{{cite news|url=https://dealbook.nytimes.com/2011/05/18/pandits-take-of-citigroups-profits/ |title=As Citi Revives, Pandit Wins Big Pay Package|work=The New York Times| first=Eric|last=Dash|date=18 May 2011}}

{{cite news|url=http://timesofindia.indiatimes.com/business/international-business/Citigroup-gives-232m-retention-award-to-CEO-Vikram-Pandit/articleshow/8435825.cms |title=Citigroup gives $23.2m retention award to CEO Vikram Pandit |work=The Times of India|date=19 May 2011 |url-status=dead |archive-url=https://web.archive.org/web/20120101020007/http://timesofindia.indiatimes.com/business/international-business/Citigroup-gives-232m-retention-award-to-CEO-Vikram-Pandit/articleshow/8435825.cms |archive-date=1 January 2012 }}

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{{cite web|url=http://www.iht.com/articles/2007/10/12/business/citi.php|access-date=11 December 2007|title=Shake up at Citigroup|work=International Herald Tribune}}

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{{cite news| url=https://www.nytimes.com/2005/08/21/business/yourmoney/21morgan.html?pagewanted=print | work=The New York Times | title=Exile From Wall Street | date=21 August 2005}}

{{cite web|url=http://www.businessweek.com/magazine/content/05_28/b3942091_mz020.htm |archive-url=https://web.archive.org/web/20051024012715/http://www.businessweek.com/magazine/content/05_28/b3942091_mz020.htm |url-status=dead |archive-date=24 October 2005 |title=How Purcell Lost His Way |work=Bloomberg BusinessWeek |date=11 July 2005|access-date=21 January 2011}}

{{cite news|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aph5ao14SgMM |archive-url=https://web.archive.org/web/20120315193036/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aph5ao14SgMM |archive-date=15 March 2012 |publisher=Bloomberg|title=Citigroup's Vikram Pandit to Take $1 Salary, No Bonus (Update4) by Elizabeth Hester |date= 11 February 2009|url-status=dead}}

{{Cite news | title = Citigroup chief awarded $10.82 million | url = http://www.ft.com/cms/s/0/ecd9b448-1281-11de-b816-0000779fd2ac.html | last = Farrell | first = Greg | location = New York | newspaper = Financial Times | date=17 March 2009| access-date =20 March 2012}}

{{Cite news | url = https://money.cnn.com/news/storysupplement/economy/bailouttracker/ |title=CNNMoney.com's bailout tracker|publisher=CNN | first=David |last=Goldman |date=6 April 2009}}

{{Cite book|url=https://books.google.com/books?id=KIrxSAAACAAJ |title=Google Books, Asset prices in a heterogeneous consumer economy|last1=Pandit|first1=Vikram Shankar|year=1986}}

{{cite news| url=https://people.forbes.com/profile/vikram-s-pandit/19716 | archive-url=https://web.archive.org/web/20080929130409/http://people.forbes.com/profile/vikram-s-pandit/19716 | url-status=dead | archive-date=29 September 2008 | work=Forbes|title=Vikram S. Pandit}}

}}

• [https://www.youtube.com/watch?v=98oR4iYYAsM Vikram Pandit speaks at Wharton on current crisis.]
• [https://web.archive.org/web/20120203042951/http://www.charlierose.com/view/interview/9653 Charlie Rose | A conversation with Vikram Pandit, CEO of Citigroup]
• [http://www.firstpost.com/business/vikram-pandit-joins-race-for-indian-banking-licences-651421.html Vikram Pandit joins race for Indian banking licences.]

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• http://www.firstpost.com/business/vikram-pandit-joins-race-for-indian-banking-licences-651421.html
• sustainable development

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{{succession box

| before = Win Bischoff

| title = Citigroup CEO

| years = 2007–2012

| after = Michael Corbat

}}

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{{Citigroup}}

{{Morgan Stanley}}

{{PadmaBhushanAwardRecipients 2000–09}}

{{DEFAULTSORT:Pandit, Vikram}}

Category:1957 births

Category:Living people

Category:American bankers

Category:American Hindus

Category:American people of Marathi descent

Category:American chief executives of financial services companies

Category:Citigroup employees

Category:Directors of Citigroup

Category:Gannon University alumni

Category:Columbia School of Engineering and Applied Science alumni

Category:Columbia Business School alumni

Category:Indian bankers

Category:Businesspeople from Nagpur

Category:People from the Upper West Side

Category:American people of Indian descent

Category:American chief operating officers

Category:Recipients of the Padma Bhushan in trade and industry

Category:Businesspeople from Maharashtra

Category:American chief executives of Fortune 500 companies

Category:Indian emigrants to the United States

Category:Indian expatriates in the United States

Category:Naturalized citizens of the United States

Category:Indiana University Bloomington faculty