'For a man who was supposedly doomed to fail', Euromoney said, '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 no doubt has more to come. But it is time to start giving Pandit some credit for his achievements'.
Pandit said: 'I am deeply honored that Euromoney has recognized the significant progress we are making at Citi. By focusing on being a bank dedicated solely to serving its clients and taking advantage of our unique global footprint, we have put all the elements in place for long-term profitability and success. This recognition would never have been possible without the dedication and hard work of our 263,000 employees around the world, and I am proud to accept this award on their behalf'.
Citi was also awarded Best Global Transaction Banking House for its Global Transaction Services business, together with 11 other regional and country awards.
And Deutsche Bank won the coveted Best Global Investment Bank of the Year award. The magazine's editors cited the bank's financial performance as a factor in their decision, alongside a successful recalibration strategy that significantly reduced risk without adversely impacting the Bank's ability to serve its clients.
Deutsche also won the Best Global Derivatives House and Best Global Risk Management House awards.
Anshu Jain, Head of the Corporate and Investment Bank at Deutsche Bank, and Michael Cohrs, Management Board member and former Head of Global Banking, said: 'Our ability to gain market share across the Corporate and Investment Bank while simultaneously reducing risk and positioning for the future is a tribute to our employees and their efforts on behalf of our clients'.
Credit Suisse walked off with Best Global Bank and Best Emerging Markets Investment Bank, together with 9 other awards.
HSBC bagged the Emerging Markets Bank of the Year accolade, and Moelis & Co was named as Best Independent Investment Bank
The award winners were announced at a gala dinner last week. Details of all of the winners appear in the July issue of Euromoney, and the full list is available online to subscribers today.
Sources - Citi, Credit Suisse, Deutsche Bank, Euromoney