mast image

Impact Investing

IPE special report May 2018

Sections

Citi decides on new chief

GLOBAL - Vikram Pandit, head of institutional clients at America's largest bank Citigroup, has been named as the group's new chief executive, in a bid to restore the company's profitability and reputation.

Pandit will replace Charles Prince, the chairman and CEO whom Citi retired in November following billions of dollars worth of losses directly-linked to the US sub-prime crisis.

Former Schorder chairman Sir Win Bischoff, who has been Citi's acting CEO, will become the new chairman, replacing Robert Rubin, who will return to his previous duties as a member of the Citigroup board of directors and chairman of the executive committee of the board.

The board had tasked a committee, headed by Rubin, to find a new CEO and according to a statement released today, the committee unanimously voted for Pandit.

"I am honoured to become Citi's leader to drive the changes we need," said Pandit.

He added: "Simplifying the company's organisational structure and aligning our businesses and resources with appropriate goals and economic realities will be among our initial priorities."

If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email carolyn.bandel@ipe.com

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2436

    Asset class: Real Estate - Core Open-ended Real Estate Equity Fund (non-listed).
    Asset region: Asia Pacific.
    Size: Approx. CHF 70-100m per investment.
    Closing date: 2018-05-25.

  • QN-2438

    Asset class: High Yield Bonds.
    Asset region: US.
    Size: USD 300 million.
    Closing date: 2018-05-25.

  • RE-2441

    Closing date: 2018-05-31.

Begin Your Search Here