The buzz in financial circles is that two fallen bank stars - former Citigroup CEO Vikram Pandit and Barclays boss Bob Diamond - are plotting their returns soon after being booted from their respective banks.
Vikram Pandit hired thousands of employees and invested billions of dollars as he sought to boost Citigroup’s revenue after fighting to survive the financial crisis. His successor Michael Corbat has another idea: cut.
Moore Capital Management and Maverick Capital Management bought Citigroup shares as the bank’s board grew dissatisfied with CEO Vikram Pandit’s performance, eventually ousting him.
Vikram Pandit, Citi’s ousted CEO, will get about $6.7m in 2012 compensation and will forfeit some awards tied to a $40m retention package granted last year.
Gigi Stone reports Friday's market-moving stories.
CNBC content made available by kind permission of CNBC
FBN’s Charlie Gasparino on Citigroup’s handling of Vikram Pandit’s exit at CEO.
The Securities and Exchange Commission has launched a probe into the messy departure of Vikram Pandit as chief executive of Citigroup and whether the board of directors of the big bank properly disclosed his ouster, the FOX Business Network has learned.
Saudi billionaire Prince Alwaleed bin Talal praised Vikram Pandit for his handling of the financial crisis while CEO at Citigroup, saying he helped position the bank for further growth.
Former Citigroup Chairman Richard Parsons, who in 2011 awarded Chief Executive Officer Vikram Pandit a retention package valued at about $40m, said the CEO’s departure last week was 'appropriate'.
Well, didn't that come out of the blue ?!
Now this guy really doesn't hold back.
Vikram Pandit, who stepped down Tuesday as Citigroup’s Chief Executive Officer, stands to forfeit almost $33m in cash and stock from a retention package unless the board gives him a payout to ease his exit.