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2010 Awards for excellence Banker of the year: Vikram Pandit

Clive Horwood
Published on:

Pandit knocks Citi into shape

For a man who was supposedly doomed to fail, Vikram Pandit has done a pretty good job in transforming Citigroup. Few, if any, bank chief executives have faced a tougher set of challenges over the past two years or been the subject of as much criticism. He has come through many battles, and has many more to come. But perhaps it’s time to start giving Pandit some credit. Clive Horwood reports.

"BEING A SUPERMARKET is not a strategy."

That simple sentence sums up everything that went wrong with Citigroup, and everything that Vikram Pandit is trying to do to make Citi one of the world’s best banks again.

Citi isn’t back just yet, but it’s on its way. First-quarter 2010 earnings, announced in mid-April, were some of the most impressive in the industry. Citigroup produced net income of $4.1 billion. Compare that with Bank of America,...