Picture source: Rediff
Indira Nooyi at Pepsico and now Vikram Pandit at Citigroup. Slowly but surely, Indians are climbing up the management ladder in some of the most fiercest job environment in the world.
Earlier there were rumors of probable job cuts in Citigroup. Some estimates are at 10% of the workforce. Bad times for an extremely mammoth and complex financial organisation. How will Vikram steer through the sub prime mess that has already claimed the previous CEO Charles Prince as its victim is something that would be watched very closely.
India-born Vikram S Pandit has been appointed the chief executive officer of Citigroup, the world’s largest financial services organisation, with immediate effect.
The 50-year-old Pandit from Mumbai and Nagpur, has also been made a member of the board of directors, ended a weeks-long high level search for a new person to lead the New York-based banking giant after former CEO Charles Prince stepped down on November 4 following huge investment losses for Citigroup.
Pandit, who was Citigroup’s investment banking head before his new appointment, also briefly headed a hedge fund called Old Lane earlier this year.
Pandit has also held a number of senior positions at Citigroup rival Morgan Stanley for more than two decades, including the post of president and chief operating officer of the Institutional Securities Group, which included the company’s investment banking, fixed income and capital markets businesses.
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