Citigroup shuffled its brass today and named Vikram Pandit the new CEO and a member of the Board of Directors. Pandit was Citigroup’s chairman and CEO of the Institutional Clients Group, which includes the bank’s Markets & Banking and Alternative Investments divisions, according to the announcement.
Sir Win Bischoff, who was acting as interim CEO following Charles Prince’s resignation in early November, was named chairman, replacing Senior Vice-Chairman Robert Rubin, who will return to his post as a member of the firm’s Board of Directors.
Citi posted a horrendous third-quarter earnings report (including a $6.5 billion mortgage-related write-down, and estimates of an additional $8 billion to $11 billion in write-downs to come). "During this challenging time, Citi's role in the global markets is more vital than ever,” says Pandit in the release. “We will address our issues head-on while continuing to deliver value for our clients, shareholders, employees and the communities in which we operate."
Pandit, a 50-year-old native of India, spent over two decades at Morgan Stanley. He left Morgan in 2005 to start hedge fund and private equity fund manager, Old Lane, LP, which Citigroup bought this year.