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. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Vikram Pandit, CEO at Citi: The job no-one wanted

Vikram Pandit faces one of the toughest challenges ever seen in the banking industry.

The sudden rise of Vikram Pandit to be chief executive at Citi, the biggest job in global banking, almost beggars belief. He is an excellent man but he is taking on an extraordinarily tough job – one for which it is not clear that he is properly qualified – at a very difficult time.

Euromoney first encountered Pandit in the early 1990s when he was running the equity markets division of Morgan Stanley. Bright, engaging and friendly, Pandit was a respected and popular figure whose colleagues back then wondered whether he might head Morgan Stanley one day.

It never quite happened. And after 22 years in various roles running institutional securities businesses at the firm, he lost out in the political battles in the awful last days of the Purcell regime, quitting when rival Zoe Cruz was promoted over him. It seemed one of myriad Wall Street careers if not exactly petering out, then gently winding down in familiar and comfortable fashion: having risen high in investment banking and earned a lot of money, Pandit founded a hedge fund.

Citi bought his fund out in the middle of 2007. Pandit briefly ran alternative investments. Then, as the credit crisis gripped and senior Citi managers were lined up and sacrificed, he ran the global markets divisions of the huge bank.

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.


Unlimited access to and

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


Unlimited access to and, 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


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