The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Awards

2010 Awards for excellence Banker of the year: Vikram Pandit

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.

citi-pandit.gif

"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, which is widely thought to have emerged from the crisis faster and stronger than Citi, but made $3.2 billion over the same period. Or Barclays, a bank that supposedly came out of the crisis a clear winner, but has first-quarter net income of about $2.2

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree