Popularized in films like Limitless, legal smart drugs called Nootropics are becoming more and more prevalent in board rooms and on Wall Street.Keep reading »
- 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
Keep reading »
It’s not just doctors and scientists that need STEM education. America’s shifting economy is demanding more trained workers in many different sectors. See how Travis Brooks got the hands-on education he needed to become a technician at the Chevron Pascagoula Refinery. Visit The Atlantic to learn more.
- Hedge Fund Manager Keeps A Detailed Record Of All The Asses He's Grabbed
- 10 Reasons Wall Street Is Using Smart Drugs Crush Work
- Arizona State Now Has Multiple Business Schools To Choose From
- Ruble’s Historic Freefall, Russian Economic Collapse Not Fazing Vladimir Putin
- Ex-Jefferies Exec Convicted Of Fraud Has Bone To Pick With The Guy Who Turned Him In
- JOBS Act Helps Hedge Fund Raise Money Through Widespread Advertising
- Dealbreaker Dramatic Reading Night Returns Wednesday
- Bonus Watch '14: Investment Analyst Turned Fantasy Sports Team General Manager
- If You Stand Perfectly Still, Dan Loeb Cannot See You: Sony Execs
- The Indomitable Dov Charney Strikes Again
- 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