Euromoney's past coverage of Vikram Pandit
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“The difference this time is that
the bank lacks leadership. Its
supine board, having permitted
a non-banker to dig it into the
hole, has now ditched him”
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In 1990, then Citigroup chairman John Reed realized that the bank’s souring portfolio of bad commercial real estate loans was going to take it to the very brink of disaster. By the end of that year, tier 1 capital had fallen to 3.26% of assets, the Citigroup stock price had halved from a 20-year high to a 20-year low, banking regulators were camped in the boardroom and the legal documents for a collapse were being drafted.
Over the next two years, more problems emerged. The Office of the Comptroller of the Currency lambasted operations at Citigroup’s residential mortgage lending unit, which...
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