Jump to content

Vikram Pandit: Difference between revisions

From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Goi
Tags: Mobile edit Mobile web edit
GreenC bot (talk | contribs)
Bots
2,547,815 edits
(47 intermediate revisions by 31 users not shown)
Line 1: Line 1:
{{Short description|Indian-born American banker}}
{{Use American English|date=July 2015}}
{{Use American English|date=July 2015}}
{{Use dmy dates|date=November 2012}}
{{Use dmy dates|date=October 2020}}
{{Infobox person
{{Infobox person
| name = Vikram Pandit
| name = Vikram Pandit
| image = Vikram Pandit in WEF, 2011.jpg
| image = Vikram Pandit in WEF, 2011.jpg
| caption =Vikram Pandit at the [[World Economic Forum]] in 2011.
| caption =Vikram Pandit at the [[World Economic Forum]] in 2011.
| birth_name = Vikram Shankar Pandit
| birth_date = {{Birth date and age|1957|1|14|df=y}}<ref name=VSP-05/>
| birth_date = {{Birth date and age|1957|1|14|df=y}}<ref name=VSP-05/>
<!-- Do not add flag icons to place of birth/death, per [[WP:FLAG]] -->
<!-- Do not add flag icons to place of birth/death, per [[WP:FLAG]] -->
| birth_place = [[Nagpur]], [[Bombay State]] (now [[Maharashtra]]), [[India]]<ref name=VSP-01/>
| birth_place = [[Nagpur]], [[Bombay State]], [[India]] (present-day [[Maharashtra]])<ref name=VSP-01/>
| death_date =
| death_date =
| death_place =
| death_place =
| other_names = Vikram Pandit
| other_names =
| residence = [[New York City]]
| alma_mater = [[Columbia University]] (BS, MS, MBA, PhD)
| alma_mater = [[Columbia University]] (BS, MS, MBA, PhD)
| nationality = [[Indian American]]
| nationality = [[Americans|American]]
| years_active = 1983–present
| years_active = 1983–present
| employer =
| employer =
| occupation = {{Unbulleted list|[[Chairman]] and [[Chief executive officer|CEO]], The Orogen Group|Board of director, [[Virtusa]]}}
| occupation = {{Unbulleted list|[[Chairman]] and [[Chief executive officer|CEO]], The Orogen Group|Board of director, [[Virtusa]]|Board of director, [[Bombardier Inc.]]<ref>[https://www.bombardier.com/en/about-us/board-of-directors.html Board of Directors of Bombardier Inc.]</ref>|Board of director, [[EXL Service]]}}
| boards = [[Columbia University]]<br/>[[Columbia Business School]]<br/>[[Indian School of Business]]
| boards = [[Columbia University]]<br/>[[Columbia Business School]]<br/>[[Indian School of Business]]
| spouse = Swati<ref name=VSP-09/>
| spouse = Swati<ref name=VSP-09/>
| children = Rahul and Maya<ref name=VSP-09/>
| children = Rahul and Maya<ref name=VSP-09/>
| awards = [[Padma Bhushan]] (2008)
}}
}}


'''Vikram Shankar Pandit''' (born 14 January 1957) is an Indian-American banker<ref name=VSP-29/> and investor who was the [[chief executive officer]] of [[Citigroup]] from December 2007<ref name=VSP-30/> to 16 October 2012<ref>{{Cite news| url =https://news.yahoo.com/vikram-pandit-steps-down-citigroup-ceo-123632317--finance.html |title=Vikram Pandit steps down as Citigroup CEO|author= Daniel Wagner|publisher=[[Yahoo News]] |date = 16 October 2012}}</ref><ref name="NYT October 2012">{{cite news | title=Citigroup's Chief Resigns His Post In Surprise Step | date=17 October 2012 | agency=New York Times | first1=Jessica | last1=Silver-Greenberg | first2=Susanne | last2=Craig | first3=Michael J. | last3=de la Merced | location=Section: A}}</ref> and is the current [[chairman]] and [[chief executive officer]] of The Orogen Group.<ref>[http://orogengroup.com/our-team.html Orogen Group Team]</ref>
'''Vikram Shankar Pandit''' (born 14 January 1957) is an [[Indian Americans|Indian-American]] banker<ref name=VSP-29/> and investor who was the [[chief executive officer]] of [[Citigroup]] from December 2007<ref name=VSP-30/> to 16 October 2012<ref>{{Cite news| url =https://news.yahoo.com/vikram-pandit-steps-down-citigroup-ceo-123632317--finance.html |title=Vikram Pandit steps down as Citigroup CEO|author= Daniel Wagner|publisher=[[Yahoo News]] |date = 16 October 2012}}</ref><ref name="NYT October 2012">{{cite news | title=Citigroup's Chief Resigns His Post in Surprise Step | date=17 October 2012 | agency=New York Times | first1=Jessica | last1=Silver-Greenberg | first2=Susanne | last2=Craig | first3=Michael J. | last3=de la Merced | location=Section: A}}</ref> and is the current [[chairman]] and [[chief executive officer]] of The Orogen Group.<ref>[http://orogengroup.com/our-team.html Orogen Group Team]</ref>


Pandit has been honoured with the [[Padma Bhushan]] in 2008 by the [[Government of India]].<ref>{{cite news|title= 119 get Padma awards|url=https://www.hindustantimes.com/india/119-get-padma-awards/story-ELGWvWLOP2UpyEXUSxq8GL.html|publisher=Hindustan Times|accessdate=25 January 2008}}</ref>
Pandit has been honoured with the [[Padma Bhushan]], the third highest Indian civilian award, for his contributions to the trade and industry in 2008 by the [[Government of India]].<ref>{{cite news|title= 119 get Padma awards|url=https://www.hindustantimes.com/india/119-get-padma-awards/story-ELGWvWLOP2UpyEXUSxq8GL.html|work=Hindustan Times|access-date=25 January 2008}}</ref>


==Early life and education==
== Early life and education ==
Vikram Pandit was born in [[Dhantoli]] locality of [[Nagpur]], [[Maharashtra]], India, to an affluent [[Marathi language|Marathi]] [[Deshastha Brahmin]] family.<ref>{{cite book|url=https://books.google.co.in/books?id=urh9DwAAQBAJ&pg=PT87|title=Crash: Lessons from the entry and exit of CEOs|page=87|author=R Gopalakrishnan|publisher=Penguin Random House India Private Limited|accessdate=17 December 2018}}</ref><ref>{{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 |archiveurl=https://web.archive.org/web/20130922090625/http://www.nationaljournal.com/magazine/vikram-pandit-s-citigroup-growing-out-of-washington-s-control--20110328 |archivedate=22 September 2013 }}</ref> His father, Shankar B. Pandit, was an executive director at Sarabhai Chemicals in [[Baroda]].<ref name=VSP-03/><ref name=VSP-33/><ref name=VSP-04/>
Vikram Pandit was born in [[Dhantoli]] locality of [[Nagpur]], [[Maharashtra]], India, to an affluent [[Marathi language|Marathi]] family.<ref>{{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}}</ref><ref>{{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 }}</ref> His father, Shankar B. Pandit, was an executive director at Sarabhai Chemicals in [[Baroda]].<ref name=VSP-03/><ref name=VSP-33/><ref name=VSP-04/>


Pandit studied at Bishop Cotton School in Nagpur,<ref>{{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}}</ref> and then completed his schooling at the [[Wadala#List of schools|Dadar Parsee Youths Assembly High School]] in [[Dadar]], [[Mumbai]]. When Pandit was 16 years old, he moved to the United States<ref name=VSP-03/> to attend [[Columbia University]].<ref>{{Cite news| url = http://investing.businessweek.com/research/stocks/people/person.asp?personId=525386&ticker=C |title= Executive Profile Vikram S. Pandit|publisher=[[Bloomberg Businessweek]] |date = 14 November 2014}}</ref> 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 [[dissertation or thesis|thesis]] involving a complex financial puzzle, titled "Asset prices in a heterogeneous consumer economy."<ref name=VSP-03/><ref name=VSP-06/><ref name=VSP-07/><ref name=VSP-D-01/>
Pandit studied at Bishop Cotton School in Nagpur,<ref>{{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}}</ref> and then completed his schooling at the [[Wadala#List of schools|Dadar Parsee Youths Assembly High School]] in [[Dadar]], [[Mumbai]]. When Pandit was 16 years old, he moved to the United States<ref name=VSP-03/> to attend [[Columbia University]]<ref>{{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}}</ref> 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 [[dissertation or thesis|thesis]] involving a complex financial puzzle, titled "Asset prices in a heterogeneous consumer economy."<ref name=VSP-03/><ref name=VSP-06/><ref name=VSP-07/><ref name=VSP-D-01/>


==Professional career==
== Professional career ==


===Early career and Morgan Stanley (1983–2005)===
=== Early career and Morgan Stanley (1983–2005) ===
During his early professional years, he taught economics at Columbia, then had a stint as a professor at [[Brock University]] in [[St. Catharines|St. Catharines, Canada]].{{citation needed|date=July 2012}}
During his early professional years, he taught economics at Columbia, then had a stint as a professor at Kelley School of Business, Indiana University and [[Brock University]] in [[St. Catharines|St. Catharines, Canada]].{{citation needed|date=July 2012}}


He joined [[Morgan Stanley]] as an associate in 1983, one of the first Indians to join the company.<ref name=VSP-05/><ref name=VSP-03/><ref name=VSP-08/> In 1990, Vikram Pandit was chosen as the managing director and head of the US [[Equity (finance)|Equity]] [[Syndicate]] unit of Morgan Stanley and by 1994, he had risen to become managing director (MD) and head of its worldwide [[Morgan Stanley#Institutional Securities|Institutional securities]] division.
He joined [[Morgan Stanley]] as an associate in 1983, one of the first Indians to join the company.<ref name=VSP-05/><ref name=VSP-03/><ref name=VSP-08/> In 1990, Vikram Pandit was chosen as the managing director and head of the US [[Equity (finance)|Equity]] [[Syndicate]] unit of Morgan Stanley and by 1994, he had risen to become managing director (MD) and head of its worldwide [[Morgan Stanley#Institutional Securities Group|Institutional securities]] division.


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 [[Morgan Stanley#Institutional Securities|Institutional securities]] and [[Investment banking]] businesses.<ref name=VSP-09/>
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 [[Morgan Stanley#Institutional Securities Group|Institutional securities]] and [[Investment banking]] businesses.<ref name=VSP-09/>


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]].<ref name=VSP-95/><ref name=VSP-96/>
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]].<ref name=VSP-95/><ref name=VSP-96/>


===Post Morgan Stanley and joining Citigroup (2006&nbsp;– 2012)===
=== Post Morgan Stanley and joining Citigroup (2006&nbsp;– 2012) ===
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.<ref name=VSP-10/> Citi bought the company in 2007 for $800 million, bringing both Pandit and Havens into Citi leadership.<ref name=VSP-11/> Citi named Pandit chairman and CEO of [[Citigroup#Citi Alternative Investments|Citi Alternative Investments (CAI)]] unit and he later led Citi's [[Citigroup#Citi Institutional Clients Group|Institutional Clients Group]].
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.<ref name=VSP-10/> Citi bought the company in 2007 for $800 million, bringing both Pandit and Havens into Citi leadership.<ref name=VSP-11/> Citi named Pandit chairman and CEO of [[Citigroup#Citi Alternative Investments|Citi Alternative Investments (CAI)]] unit and he later led Citi's [[Citigroup#Citi Institutional Clients Group|Institutional Clients Group]].


On 11 December 2007, Pandit was named the new CEO of [[Citigroup]], replacing interim-CEO [[Winfried Bischoff|Sir Winfried Bischoff]]. Pandit was strongly supported by then interim chairman of Citigroup [[Robert Rubin]],<ref name=VSP-13/> the effective successor to [[Chuck Prince]]. Prince had resigned as chairman and CEO of Citigroup in November 2007, due to unexpectedly poor third-quarter performance, mainly due to [[collateralized debt obligation|CDO]]- and [[mortgage-backed security|MBS]]-related losses.
On 11 December 2007, Pandit was named the new CEO of [[Citigroup]], replacing interim-CEO [[Winfried Bischoff|Sir Winfried Bischoff]]. Pandit was strongly supported by then interim chairman of Citigroup [[Robert Rubin]],<ref name=VSP-13/> the effective successor to [[Chuck Prince]]. Prince had resigned as chairman and CEO of Citigroup in November 2007, due to unexpectedly poor third-quarter performance, mainly due to [[collateralized debt obligation|CDO]]- and [[mortgage-backed security|MBS]]-related losses.


On 11 February 2009, Pandit testified to Congress that he had declared to his board of directors, "My salary should be [[One-dollar salary|$1 per year]] with no bonus until we return to profitability."<ref name=VSP-97/><ref name=VSP-98/><ref name=VSP-99/> 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.<ref name=TARP-F-01/> His total 2009 compensation was $128,751, with a base salary of $125,001 and other compensation of $3,750.<ref name=VSP-22/>
On 11 February 2009, Pandit testified to Congress that he had declared to his board of directors, "My salary should be [[One-dollar salary|$1 per year]] with no bonus until we return to profitability."<ref name=VSP-97/><ref name=VSP-99/> 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.<ref name=TARP-F-01/> His total 2009 compensation was $128,751, with a base salary of $125,001 and other compensation of $3,750.<ref name=VSP-22/>


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.<ref name=VSP-22/><ref name=VSP-15/><ref name=VSP-21/> 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.<ref name=VSP-24/><ref name=VSP-26/> In April 2012, shareholders voted against increasing his pay to $15 million. About 55% of the votes cast were against the compensation package.<ref name=VSP-19/>
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.<ref name=VSP-22/><ref name=VSP-15/><ref name=VSP-21/> 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.<ref name=VSP-24/><ref name=VSP-26/> In April 2012, shareholders voted against increasing his pay to $15 million. About 55% of the votes cast were against the compensation package.<ref name=VSP-19/>


His co-chairing of Davos 2012 was criticized,<ref name="Bloomberg 26 January 2012"/> 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?"<ref name="Bloomberg 24 January 2012"/> 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.<ref name="Bloomberg 25 January 2012"/>
His co-chairing of Davos 2012 was criticized,<ref name="Bloomberg 26 January 2012"/> 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?"<ref name="Bloomberg 24 January 2012"/> 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.<ref name="Bloomberg 25 January 2012"/>


====Resignation====
==== Resignation ====
On 16 October 2012, Pandit unexpectedly resigned as Citigroup CEO.<ref name="NYT October 2012"/> [[Michael Corbat]], previously Citigroup's CEO of Europe, Middle East, and Africa, was named as his replacement.<ref>{{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|publisher=NYTimes.com|date=16 October 2012}}</ref> 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.<ref>{{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 |archiveurl=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 |archivedate=18 October 2012 }}</ref> 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.<ref>{{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=New York Times | accessdate=25 October 2012 | author=Jessica Silver-Greenberg and Susanne Craig}}</ref> His resignation followed multiple payouts to investors during ongoing fraud allegations.<ref>{{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 | accessdate=8 November 2012 | author=Independent}}</ref><ref>{{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 | accessdate=5 September 2012 | author=Independent}}</ref><ref>{{cite news|url=http://www.nbcnews.com/id/8168749 | title=Citigroup to pay $2 billion to Enron investors | date=6 October 2005 | agency=NBC News | accessdate=6 October 2005}}</ref> Under Pandit’s leadership, Citigroup shares declined by 90 percent in value from approximately $300 per share to approximately $30 per share, according to an analysis by Business Insider on October 26, 2012.
On 16 October 2012, Pandit unexpectedly resigned as Citigroup CEO.<ref name="NYT October 2012"/> [[Michael Corbat]], previously Citigroup's CEO of Europe, Middle East, and Africa, was named as his replacement.<ref>{{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}}</ref> 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.<ref>{{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 }}</ref> 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.<ref>{{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}}</ref> His resignation followed multiple payouts to investors during ongoing fraud allegations.<ref>{{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}}</ref><ref>{{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}}</ref><ref>{{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}}</ref>


====Compensation====
==== Compensation ====
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.<ref name=VSP-22/> 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 [[stock option|options]] granted of $8,432,911. However, after adjusting for Citigroup’s sunken share price, the package was worth just a few million dollars.<ref name=VSP-21/> Pandit did receive $165 million for his hedge fund which was purchased by Citi in 2007.<ref name=VSP-20/> The fund has since been shuttered. 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.<ref>{{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|accessdate=30 January 2013|first=Donal|last=Griffin|date=10 November 2012}}</ref>
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.<ref name=VSP-22/> 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 [[stock option|options]] granted of $8,432,911. However, after adjusting for Citigroup's sunken share price, the package was worth just a few million dollars.<ref name=VSP-21/> Pandit received $165 million for his hedge fund which was purchased by Citi in 2007.<ref name=VSP-20/> 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.<ref>{{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}}</ref>


===Post-Citigroup===
=== Post-Citigroup ===
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.<ref>{{cite web|last=Braithwaite|first=Tom|title=Pandit Returns to Banking via India|url=https://www.cnbc.com/id/100745055|publisher=The Financial Times|accessdate=17 May 2013}}</ref> 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<ref name="Ex-Citigroup Head Vikram Pandit Gets Back to His Finance Roots">{{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}}</ref>
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.<ref>{{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}}</ref> 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]].<ref name="Ex-Citigroup Head Vikram Pandit Gets Back to His Finance Roots">{{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}}</ref>


==Board memberships and honors==
== Board memberships and honors ==
Pandit is a member of the boards of [[Columbia University]], [[Columbia Business School]], the [[Indian School of Business]], and [[Trinity School (New York City)|Trinity School]]. He is also a member of [[Kappa Beta Phi]].<ref>{{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}}</ref> He serves as [[board of directors|director]] of the [[Institute of International Finance]].<ref name=VSP-12/> He was on the board of [[NASDAQ OMX Group|NASDAQ OMX]], the New York City Investment Fund, from 2000 to 2003.
Pandit is a member of the boards of [[Columbia University]], [[Columbia Business School]], the [[Indian School of Business]], and [[Trinity School (New York City)|Trinity School]]. He is also a member of [[Kappa Beta Phi]].<ref>{{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}}</ref> He serves as [[board of directors|director]] of the [[Institute of International Finance]].<ref name=VSP-12/> He was on the board of [[NASDAQ OMX Group|NASDAQ OMX]], the New York City Investment Fund, from 2000 to 2003.


In 2008, Pandit was awarded the [[Padma Bhushan]] by the [[Government of India]].<ref name=VSP-05/>
In 2008, Pandit was awarded the [[Padma Bhushan]] by the [[Government of India]].<ref name=VSP-05/>


==Personal life==
== Personal life ==
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.<ref name=VSP-PL-01/>
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.<ref name=VSP-PL-01/>


==See also==
== See also ==
* [[Indians in the New York City metropolitan region]]
* [[Indians in the New York City metropolitan region]]


==References==
== References ==
{{Reflist|30em|refs=
{{Reflist|refs=
<ref name=VSP-01>{{cite web|url=http://investing.businessweek.com/research/stocks/people/person.asp?personId=525386&ticker=C:US |title=Profile- Vikram Pandit|work=Bloomberg Businessweek|date=18 December 2007 |accessdate=14 January 2012}}</ref>
<ref name=VSP-01>{{cite web|url=http://investing.businessweek.com/research/stocks/people/person.asp?personId=525386&ticker=C:US |archive-url=https://web.archive.org/web/20100501130647/http://investing.businessweek.com/research/stocks/people/person.asp?personId=525386&ticker=C:US |url-status=dead |archive-date=1 May 2010 |title=Profile- Vikram Pandit|work=Bloomberg Businessweek|date=18 December 2007 |access-date=14 January 2012}}</ref>


<ref name=VSP-03>{{cite news|last=Hagan |first=Joe |url=http://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 |accessdate=5 October 2010}}</ref>
<ref name=VSP-03>{{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}}</ref>


<ref name=VSP-04>{{cite news|url=http://inwww.rediff.com/money/2007/dec/17slide1.htm |title=Vikram Pandit |publisher=Rediff.com |date=18 December 2007|accessdate=14 January 2012}}</ref>
<ref name=VSP-04>{{cite news|url=http://inwww.rediff.com/money/2007/dec/17slide1.htm |title=Vikram Pandit |work=Rediff.com |date=18 December 2007|access-date=14 January 2012}}</ref>


<ref name=VSP-05>{{cite web|url=http://www.minglebox.com/article/executive-education/vikram-pandit-a-profile |title=Vikram Pandit: A Profile|date= 21 March 2011 |accessdate=14 January 2012}}</ref>
<ref name=VSP-05>{{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}}</ref>


<ref name=VSP-06>{{cite web|url=http://secretary.columbia.edu/trustees-columbia-university/vikram-pandit|title=Office of the Secretary of The University|accessdate=11 December 2007|publisher=[[Columbia University]] in The City of New York}}</ref>
<ref name=VSP-06>{{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}}</ref>


<ref name=VSP-07>{{cite web |url=https://scholar.google.com/scholar?hl=en&q=%22Asset+prices+in+a+heterogeneous+consumer+economy%22&as_sdt=80000&as_ylo=&as_vis=0 |title=Asset prices in a heterogeneous consumer economy |publisher=Google |accessdate=14 January 2012 |url-status=dead |archive-url=https://web.archive.org/web/20160121122105/http://scholar.google.com/scholar?hl=en&q=%22Asset+prices+in+a+heterogeneous+consumer+economy%22&as_sdt=80000&as_ylo=&as_vis=0 |archive-date=21 January 2016 |df=dmy-all }}</ref>
<ref name=VSP-07>{{cite web |url=https://scholar.google.com/scholar?hl=en&q=%22Asset+prices+in+a+heterogeneous+consumer+economy%22&as_sdt=80000&as_ylo=&as_vis=0 |title=Asset prices in a heterogeneous consumer economy |access-date=14 January 2012 |url-status=dead |archive-url=https://web.archive.org/web/20160121122105/http://scholar.google.com/scholar?hl=en&q=%22Asset+prices+in+a+heterogeneous+consumer+economy%22&as_sdt=80000&as_ylo=&as_vis=0 |archive-date=21 January 2016}}</ref>


<ref name=VSP-08>{{cite web|url=http://lifestyle.iloveindia.com/lounge/vikram-pundit-1109.html |title=Bio of Vikram Pandit |accessdate=14 January 2012}}</ref>
<ref name=VSP-08>{{cite web|url=http://lifestyle.iloveindia.com/lounge/vikram-pundit-1109.html |title=Bio of Vikram Pandit |access-date=14 January 2012}}</ref>


<ref name=VSP-09>{{cite web|url=http://www.pranaygupte.com/article.php?index=607 |title=Published in PortfolioProfile: Vikram Pandit|accessdate=14 January 2012}}</ref>
<ref name=VSP-09>{{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}}</ref>


<ref name=VSP-10>{{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|accessdate=14 January 2012|date=16 March 2006}} by Katherine Burton</ref>
<ref name=VSP-10>{{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</ref>


<ref name=VSP-11>{{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|accessdate=21 January 2011}}</ref>
<ref name=VSP-11>{{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}}</ref>


<ref name=VSP-12>{{cite web|url=http://www.iif.com/press/press+releases+2010/press+165.php |title=The Institute of International Finance, Inc., 2010 Press Releases|publisher=Iif.com|accessdate= 7 August 2011}}</ref>
<ref name=VSP-12>{{cite web|url=http://www.iif.com/press/press+releases+2010/press+165.php |title=The Institute of International Finance, Inc., 2010 Press Releases|publisher=Iif.com|access-date= 7 August 2011}}</ref>


<ref name=VSP-13>{{cite web|url=http://www.rediff.com/money/2007/dec/12citi.htm |title=Vikram Pandit is Citigroup CEO |publisher=Rediff.com |date=31 December 2007 |accessdate=5 October 2010}}</ref>
<ref name=VSP-13>{{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}}</ref>


<ref name=VSP-15>{{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|accessdate=14 January 2012}}</ref>
<ref name=VSP-15>{{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}}</ref>


<ref name="Bloomberg 25 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 |accessdate=26 January 2012}}</ref>
<ref name="Bloomberg 25 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}}</ref>


<ref name="Bloomberg 24 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 |accessdate=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.}}</ref>
<ref name="Bloomberg 24 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.}}</ref>


<ref name="Bloomberg 26 January 2012">{{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 |accessdate=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?}}</ref>
<ref name="Bloomberg 26 January 2012">{{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?}}</ref>


<ref name=VSP-19>{{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|accessdate=18 April 2012}}</ref>
<ref name=VSP-19>{{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}}</ref>


<ref name=VSP-20>John Cassidy {{cite web|url=http://www.newyorker.com/reporting/2010/11/29/101129fa_fact_cassidy?currentPage=all |title=What Good Is Wall Street?|work=The New Yorker|date= 29 November 2010|accessdate=14 January 2012}}</ref>
<ref name=VSP-20>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}}</ref>


<ref name=VSP-21>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|publisher= NYTimes|date=24 September 2010|first=Eric|last=Dash}}</ref>
<ref name=VSP-21>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}}</ref>


<ref name=VSP-22>{{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 |df=dmy-all }}</ref>
<ref name=VSP-22>{{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}}</ref>


<ref name=VSP-24>{{cite news|url=https://dealbook.nytimes.com/2011/05/18/pandits-take-of-citigroups-profits/ |title=As Citi Revives, Pandit Wins Big Pay Package|publisher=NY Times | first=Eric|last=Dash|date=18 May 2011}}</ref>
<ref name=VSP-24>{{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}}</ref>


<ref name=VSP-26>{{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=Times of India |date=19 May 2011 |url-status=dead |archiveurl=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 |archivedate=1 January 2012 }}</ref>
<ref name=VSP-26>{{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 }}</ref>


<ref name=VSP-29>{{cite news|url=http://articles.timesofindia.indiatimes.com/2007-12-12/india/27984975_1_vikram-pandit-shankar-pandit-ceo |title=Vikram has to put in lot of efforts, says dad|publisher=Times Of India|date=12 December 2007|accessdate=13 July 2012}}</ref>
<ref name=VSP-29>{{cite news|url=https://timesofindia.indiatimes.com/india/Vikram-has-to-put-in-lot-of-efforts-says-dad/articleshow/2617965.cms |archive-url=https://web.archive.org/web/20121105135212/http://articles.timesofindia.indiatimes.com/2007-12-12/india/27984975_1_vikram-pandit-shankar-pandit-ceo |url-status=live |archive-date=5 November 2012 |title=Vikram has to put in lot of efforts, says dad|date=12 December 2007|work=[[The Times of India]] |access-date=13 July 2012}}</ref>


<ref name=VSP-30>{{cite web|url=http://www.iht.com/articles/2007/10/12/business/citi.php|accessdate=11 December 2007|title=Shake up at Citigroup|work=International Herald Tribune}}</ref>
<ref name=VSP-30>{{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}}</ref>


<ref name=VSP-33>{{cite web|url=http://www.rediff.com/money/2007/dec/13pandit.htm |title=Vikram Pandit |publisher=Rediff.com |date=13 December 2007 |accessdate=14 January 2012}}</ref>
<ref name=VSP-33>{{cite web|url=http://www.rediff.com/money/2007/dec/13pandit.htm |title=Vikram Pandit |work=Rediff.com |date=13 December 2007 |access-date=14 January 2012}}</ref>


<ref name=VSP-95>{{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}}</ref>
<ref name=VSP-95>{{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}}</ref>


<ref name=VSP-96>{{cite web|url=http://www.businessweek.com/magazine/content/05_28/b3942091_mz020.htm |title=How Purcell Lost His Way |work=Bloomberg BusinessWeek |date=11 July 2005|accessdate=21 January 2011}}</ref>
<ref name=VSP-96>{{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}}</ref>


<ref name=VSP-97>{{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}}</ref>
<ref name=VSP-97>{{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}}</ref>


<ref name=VSP-98>{{ Cite news | title = CITI'S PANDIT VOWS TO TAKE $1 SALARY AND NO BONUS | url = http://www.nypost.com/seven/02122009/business/citis_pandit_vows_to_take_1_salary_and_n_154752.htm | newspaper = New York Post | last = Tharp | first = Paul | date = 12 March 2012 | accessdate = 20 March 2012 | archive-url = https://web.archive.org/web/20090417231727/http://www.nypost.com/seven/02122009/business/citis_pandit_vows_to_take_1_salary_and_n_154752.htm | archive-date = 17 April 2009 | url-status = dead | df = dmy-all }}</ref>
<ref name=VSP-99>{{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}}</ref>


<ref name=VSP-99>{{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| accessdate =20 March 2012| postscript = <!--None--> }}</ref>
<ref name=TARP-F-01>{{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}}</ref>


<ref name=TARP-F-01>{{Cite news | url = http://money.cnn.com/news/storysupplement/economy/bailouttracker/ |title=CNNMoney.com's bailout tracker|publisher=CNN | first=David |last=Goldman |date=6 April 2009}}</ref>
<ref name=VSP-D-01>{{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}}</ref>


⚫
<ref name=VSP-PL-01>{{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}}</ref>
<ref name=VSP-D-01>{{Cite book|url=https://books.google.com/books/about/Asset_prices_in_a_heterogeneous_consumer.html?id=KIrxSAAACAAJ&redir_esc=y |title=Google Books, Asset prices in a heterogeneous consumer economy}}</ref>

⚫
<ref name=VSP-PL-01>{{cite news| url=https://people.forbes.com/profile/vikram-s-pandit/19716 | work=Forbes|title=Vikram S. Pandit}}</ref>


}}
}}


==External links==
== External links ==
*[https://www.youtube.com/watch?v=98oR4iYYAsM Vikram Pandit speaks at Wharton on current crisis.]
* [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]
* [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.]
* [http://www.firstpost.com/business/vikram-pandit-joins-race-for-indian-banking-licences-651421.html Vikram Pandit joins race for Indian banking licences.]
{{s-start}}
{{s-start}}
* http://www.firstpost.com/business/vikram-pandit-joins-race-for-indian-banking-licences-651421.html
* http://www.firstpost.com/business/vikram-pandit-joins-race-for-indian-banking-licences-651421.html
Line 161: Line 159:
{{s-end}}
{{s-end}}
{{Citigroup}}
{{Citigroup}}
{{Morgan Stanley}}
{{PadmaBhushanAwardRecipients 2000–09}}
{{PadmaBhushanAwardRecipients 2000–09}}


Line 179: Line 178:
[[Category:Businesspeople from Nagpur]]
[[Category:Businesspeople from Nagpur]]
[[Category:People from the Upper West Side]]
[[Category:People from the Upper West Side]]
[[Category:American businessmen of Indian descent]]
[[Category:American people of Indian descent]]
[[Category:American chief operating officers]]
[[Category:American chief operating officers]]
[[Category:Recipients of the Padma Bhushan in trade and industry]]
[[Category:Recipients of the Padma Bhushan in trade and industry]]
[[Category:Businesspeople from Maharashtra]]
[[Category:American chief executives of Fortune 500 companies]]

Revision as of 02:15, 11 November 2024

Vikram Pandit
Vikram Pandit at the World Economic Forum in 2011.
Born (1957-01-14) 14 January 1957 (age 67)[1]
Nagpur, Bombay State, India (present-day Maharashtra)[2]
NationalityAmerican
Alma materColumbia University (BS, MS, MBA, PhD)
Occupations
Years active1983–present
Board member ofColumbia University
Columbia Business School
Indian School of Business
SpouseSwati[4]
ChildrenRahul and Maya[4]
AwardsPadma Bhushan (2008)

Vikram Shankar Pandit (born 14 January 1957) is an Indian-American banker[5] and investor who was the chief executive officer of Citigroup from December 2007[6] to 16 October 2012[7][8] and is the current chairman and chief executive officer of The Orogen Group.[9]

Pandit has been honoured with the Padma Bhushan, the third highest Indian civilian award, for his contributions to the trade and industry in 2008 by the Government of India.[10]

Early life and education

Vikram Pandit was born in Dhantoli locality of Nagpur, Maharashtra, India, to an affluent Marathi family.[11][12] His father, Shankar B. Pandit, was an executive director at Sarabhai Chemicals in Baroda.[13][14][15]

Pandit studied at Bishop Cotton School in Nagpur,[16] 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[13] to attend Columbia University[17] 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."[13][18][19][20]

Professional career

Early career and Morgan Stanley (1983–2005)

During his early professional years, he taught economics at Columbia, then had a stint as a professor at Kelley School of Business, Indiana University and Brock University in St. Catharines, Canada.[citation needed]

He joined Morgan Stanley as an associate in 1983, one of the first Indians to join the company.[1][13][21] In 1990, Vikram Pandit was chosen as the managing director and head of the US Equity Syndicate unit of Morgan Stanley and by 1994, he had risen to become managing director (MD) and head of its worldwide Institutional securities division.

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.[4]

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.[22][23]

Post Morgan Stanley and joining Citigroup (2006 – 2012)

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.[24] Citi bought the company in 2007 for $800 million, bringing both Pandit and Havens into Citi leadership.[25] 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,[26] the effective successor to Chuck Prince. Prince had resigned as chairman and CEO of Citigroup in November 2007, due to unexpectedly poor third-quarter performance, mainly due to CDO- and MBS-related losses.

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."[27][28] 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.[29] His total 2009 compensation was $128,751, with a base salary of $125,001 and other compensation of $3,750.[30]

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.[30][31][32] 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.[33][34] In April 2012, shareholders voted against increasing his pay to $15 million. About 55% of the votes cast were against the compensation package.[35]

His co-chairing of Davos 2012 was criticized,[36] 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?"[37] 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.[38]

Resignation

On 16 October 2012, Pandit unexpectedly resigned as Citigroup CEO.[8] Michael Corbat, previously Citigroup's CEO of Europe, Middle East, and Africa, was named as his replacement.[39] 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.[40] 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.[41] His resignation followed multiple payouts to investors during ongoing fraud allegations.[42][43][44]

Compensation

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.[30] 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.[32] Pandit received $165 million for his hedge fund which was purchased by Citi in 2007.[45] 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.[46]

Post-Citigroup

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.[47] 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.[48]

Board memberships and honors

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.[49] He serves as director of the Institute of International Finance.[50] He was on the board of NASDAQ OMX, the New York City Investment Fund, from 2000 to 2003.

In 2008, Pandit was awarded the Padma Bhushan by the Government of India.[1]

Personal life

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.[51]

See also

References

  1. ^ a b c "Vikram Pandit: A Profile". 21 March 2011. Retrieved 14 January 2012.
  2. ^ "Profile- Vikram Pandit". Bloomberg Businessweek. 18 December 2007. Archived from the original on 1 May 2010. Retrieved 14 January 2012.
  3. ^ Board of Directors of Bombardier Inc.
  4. ^ a b c "Published in PortfolioProfile: Vikram Pandit". Archived from the original on 10 June 2015. Retrieved 14 January 2012.
  5. ^ "Vikram has to put in lot of efforts, says dad". The Times of India. 12 December 2007. Archived from the original on 5 November 2012. Retrieved 13 July 2012.
  6. ^ "Shake up at Citigroup". International Herald Tribune. Retrieved 11 December 2007.
  7. ^ Daniel Wagner (16 October 2012). "Vikram Pandit steps down as Citigroup CEO". Yahoo News.
  8. ^ a b Silver-Greenberg, Jessica; Craig, Susanne; de la Merced, Michael J. (17 October 2012). "Citigroup's Chief Resigns His Post in Surprise Step". Section: A. New York Times.
  9. ^ Orogen Group Team
  10. ^ "119 get Padma awards". Hindustan Times. Retrieved 25 January 2008.
  11. ^ R Gopalakrishnan (17 December 2018). Crash: Lessons from the entry and exit of CEOs. Penguin Random House India Private Limited. p. 87. ISBN 9789353053864. Retrieved 17 December 2018.
  12. ^ Michael Hirsh (28 March 2011). "The Resurrection". National Journal. Archived from the original on 22 September 2013.
  13. ^ a b c d Hagan, Joe (1 March 2010). "How Citigroup CEO Vikram Pandit Became the Most Powerless Powerful Man on Wall Street". New York Magazine. Retrieved 5 October 2010.
  14. ^ "Vikram Pandit". Rediff.com. 13 December 2007. Retrieved 14 January 2012.
  15. ^ "Vikram Pandit". Rediff.com. 18 December 2007. Retrieved 14 January 2012.
  16. ^ "Bishop Cotton School starts CBSE pattern school". The Times of India.
  17. ^ "Executive Profile Vikram S. Pandit". Bloomberg Businessweek. 14 November 2014. Archived from the original on 20 October 2012.
  18. ^ "Office of the Secretary of The University". Columbia University in The City of New York. Retrieved 11 December 2007.
  19. ^ "Asset prices in a heterogeneous consumer economy". Archived from the original on 21 January 2016. Retrieved 14 January 2012.
  20. ^ Pandit, Vikram Shankar (1986). Google Books, Asset prices in a heterogeneous consumer economy.
  21. ^ "Bio of Vikram Pandit". Retrieved 14 January 2012.
  22. ^ "Exile From Wall Street". The New York Times. 21 August 2005.
  23. ^ "How Purcell Lost His Way". Bloomberg BusinessWeek. 11 July 2005. Archived from the original on 24 October 2005. Retrieved 21 January 2011.
  24. ^ "Pandit, Havens to Start Hedge Fund With $2 Billion". Bloomberg. 16 March 2006. Retrieved 14 January 2012. by Katherine Burton
  25. ^ Dash, Eric (19 January 2011). "Citigroup Names John Havens as President and C.O.O." Dealbook.nytimes.com. Retrieved 21 January 2011.
  26. ^ "Vikram Pandit is Citigroup CEO". Rediff.com. 31 December 2007. Retrieved 5 October 2010.
  27. ^ "Citigroup's Vikram Pandit to Take $1 Salary, No Bonus (Update4) by Elizabeth Hester". Bloomberg. 11 February 2009. Archived from the original on 15 March 2012.
  28. ^ Farrell, Greg (17 March 2009). "Citigroup chief awarded $10.82 million". Financial Times. New York. Retrieved 20 March 2012.
  29. ^ Goldman, David (6 April 2009). "CNNMoney.com's bailout tracker". CNN.
  30. ^ a b c "CEO Compensation for Vikram S. Pandit". Equilar. 2007. Archived from the original on 14 April 2009. Retrieved 14 April 2009.
  31. ^ Dash, Eric (22 January 2011). "Vikram Pandit Will FINALLY Be Making More Than $1 Per Year". businessinsider.com. Retrieved 14 January 2012.
  32. ^ a b Eric Dash Dash, Eric (24 September 2010). "For Pandit, $1 This Year, a Big Bump in 2011". The New York Times.
  33. ^ Dash, Eric (18 May 2011). "As Citi Revives, Pandit Wins Big Pay Package". The New York Times.
  34. ^ "Citigroup gives $23.2m retention award to CEO Vikram Pandit". The Times of India. 19 May 2011. Archived from the original on 1 January 2012.
  35. ^ Silver-Greenberg, Jessice; Nelson D. Schwartz (18 April 2012). "Citigroup's Chief Rebuffed on Pay by Shareholders". The New York Times. Retrieved 18 April 2012.
  36. ^ Jonathan Weil (26 January 2012). "Pandit Does Davos, 0.1% Gloat, Madness Reigns". Bloomberg. Retrieved 26 January 2012. 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?
  37. ^ Christine Harper; Elisa Martinuzzi (24 January 2012). "Pandit Pariah No More as U.S. Bankers in Ascendance at Davos". Bloomberg. Retrieved 24 January 2012. 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.
  38. ^ Keith Campbell; Christine Harper (25 January 2012). "Citigroup Targets Banking Basics Amid 'Anger,' Pandit Says". Bloomberg. Retrieved 26 January 2012.
  39. ^ de La Merced, Michael J. (16 October 2012). "Pandit Steps Down as Citi's Chief". The New York Times.
  40. ^ "Citigroup Board Said to Oust Pandit After Multiple Setbacks". Archived from the original on 18 October 2012.
  41. ^ Jessica Silver-Greenberg and Susanne Craig (25 October 2012). "Citi Chairman Is Said to Have Planned Chief's Exit Over Months". The New York Times. Retrieved 25 October 2012.
  42. ^ Independent (8 November 2012). "Why Is The S.E.C. Concealing Massive Citigroup Fraud?". Daily Bail. Retrieved 8 November 2012.
  43. ^ Independent (5 September 2012). "Did Citigroup Defraud Billions from U.S. Ally Abu Dhabi?". Alter Net. Retrieved 5 September 2012.
  44. ^ "Citigroup to pay $2 billion to Enron investors". NBC News. 6 October 2005. Retrieved 6 October 2005.
  45. ^ John Cassidy "What Good Is Wall Street?". The New Yorker. 29 November 2010. Retrieved 14 January 2012.
  46. ^ Griffin, Donal (10 November 2012). "Citigroup Will Pay Former Chief Pandit $6.7 Million". Bloomberg. Retrieved 30 January 2013.
  47. ^ Braithwaite, Tom (17 May 2013). "Pandit Returns to Banking via India". The Financial Times. Retrieved 17 May 2013.
  48. ^ "Ex-Citigroup Head Vikram Pandit Gets Back to His Finance Roots". The Wall Street Journal. 17 May 2016.
  49. ^ Roose, Kevin (2014). Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits. London, UK: John Murray (Publishers), An Hachette UK Company. p. 208. ISBN 978-1-47361-161-0.
  50. ^ "The Institute of International Finance, Inc., 2010 Press Releases". Iif.com. Retrieved 7 August 2011.
  51. ^ "Vikram S. Pandit". Forbes. Archived from the original on 29 September 2008.
Business positions
Preceded by Citigroup CEO
2007–2012 		Succeeded by
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Vikram_Pandit&oldid=1256679716"