- 22 Oct 2012 at 2:16 PM
Former Citigroup Chairman Surprised/Not Surprised By Vikram Pandit’s Departure, Has Some Vino To Sell YouBy Bess Levin
According to Dick Parsons, who stepped down as chairman of Citi in March because Mike Mayo told him to, last week’s news that Pandit had left the building for good was “somewhat” surprising, though, if you really think about it, not so surprising, as whipping morbidly obese companies into shape just really isn’t Vikram’s thing. Even he’ll tell you that.
“You need seasoned, honed managers who can cause a 250,000, 300,000-personnel organization to march” with direction, Parsons said in a weekend interview at his Tuscan vineyard in Montalcino, Italy. “Vikram will tell you, ‘That’s not my bag.’” Pandit, 55, produced “every good idea that we had” to prevent Citigroup’s collapse during the financial crisis, Parsons said. New CEO Michael Corbat, 52, who previously ran the Citi Holdings unit, is well-equipped to lead the firm as it cuts costs and sells unwanted assets, the ex-chairman said. “Mike Corbat, who I knew back in the day when he ran the Holdings operation, is just that kind of man,” said Parsons, 64, adding that he was “somewhat” surprised by the timing of Pandit’s exit. “The transition and change was, in the long term, not inevitable but appropriate.”
Anyway, who wants wine?
Parsons, visiting his Il Palazzone vineyard to inaugurate a cellar, said regulatory pressures will still be a challenge for the new management team. “Externally, it’s still going to be tough,” said Parsons, sipping a glass of his 2004 Brunello Riserva as he sat outside a stone house set on an ancient trail from Frankfurt to Rome. “To some extent, the regulatory/political community is still almost at war with the big banks.” Nelson Rockefeller introduced Parsons to fine wines. He plans to turn the hobby into a profitable business by doubling production of red wines that retail in the U.S. for as much as $130 a bottle.
Parsons Sipping Red Wine Calls Pandit Exit ‘Appropriate’ [Bloomberg]
Earlier: Vikram Pandit And Citigroup Not Yet On Same Page Re: Who Dumped Whom; Zen Gardens That Never Were: Vikram Pandit Doesn’t Have To Put Up With This Shit Anymore
- Jefferies Exec Details All The Places He's Never Mistaken For A Toilet
- Every Sexual Harassment Allegation Against Fired Female HSBC Exec Is Worse Than The Last
- George Soros's Daughter-In-Law Wants To See The Part Of The Pre-Nup Where She Isn't Entitled To Every Last Cent
- HSBC Adds Another Notch To The Ole 'Sued By An Employee Who Was Punished After Reporting Sexual Harassment' Belt
- If You've Got Train Fare, UBS Has Got An Exciting Opportunity In Stamford For You
- JPMorgan Tried To Find A Legal Way To Hire Chinese Powerbrokers’ Children
- Hedge Fund Manager Not Impressed By Marissa Mayer’s Victory Speech
- Ray Dalio Will Not Have Some 2-Bit Ex-Employees Trading On His Name, Not Even If They've Got The Moves Of Fred Astaire
- Bill Ackman Can't Possibly Be Expected To Remember All The Great Ideas He's Ever Had
- Lucrative Sinecure Just Can’t Compete With Screwing With Bill Ackman
- Executive Editor
- Bess Levin
How Can We Help You?
- Send tips to:
- For tech issues email:
- For advertising or events email:
- For research or custom solutions email:
- Dealbreaker is published by Breaking Media.
For a full list of our sites, services and staff visit breakingmedia.com