Charlie Gasparino is hearing that senior bonuses at Citi this year will be paid out half in stock that vests in five years and half in cash that only 20 percent of which is immediately available (30% of the cash portion will supposedly be awarded in two years). For those who don’t know you’re supposed to stop pushing the Q-tip when there’s resistance who may be having trouble figuring out why some people wouldn’t be so happy about being paid in such a structure, Chaz’s source explains: Read more »
No hard numbers for several weeks but one exec at the Big C thinks he’s picked up on some hints. Read more »
Here in the United States, David Hasselhoff is seen as the guy who gets drunk and eats cheeseburgers off the floor. To put it mildly, he doesn’t get much respect. Over in Germany, however, he’s the second coming of Christ and is treated like a prince. Until recently, Vikram Pandit never knew what it felt like to be loved and hated in equal measure, and didn’t really understand how hard The Hoff had it. Yesterday, at the G20 Summit, however, he hinted that he’s starting to relate. Read more »
FINALLY. Read more »
As you know, Wednesday night was a big night for Uncle Vik. Despite the fact that Jay-Z was a no show, Pandito had a ball while being honored at a gala dinner benefiting the New York Police & Fire Widows’ & Children’s Benefit Fund. During the charity auction part of the evening, the Citi CEO bid $9,000 for a day of training at the NYC Fire Department, which he very well could’ve selfishly used himself. Rather than being put through the paces, however, generous Vikram will said that he will be raffling off the prize to one very lucky Citi employee, so watch out for one of those massive lottery wheels in the lobby soon.
And that’s not all. Read more »
Despite the fact that he is a rolly polly ball of smiles that had the good sense to sell his hedge fund to Citi for a billion dollars, as the CEO of the Treasury’s special needs child, Vikram Pandit does not have a lot to look forward to, other than the day he “makes more than $1.” So when the word got out several weeks ago that he was going to have the opportunity to meet one of his idols, he got pretty psyched Naturally, the idol I speak of is Mr. Jay-Z. Read more »
Also, Vikram Pandit has done “a fabulous job.” Read more »
First of all Citigroup has..$180 billion in cash, and I believe they have another $60 billion in securities which are guaranteed by the US government, treasuries or agencies. So what we are talking about is roughly 11%, or one out of every $9 on Citigroup’s balance sheet is cash. That is an unusually high number. It is extraordinarily strong and it would suggest that the balance sheet is in very good condition…The company is over-capitalized. The company has excess liquidity and that is the basis of growing the earnings at an unusually rapid rate into the future and if people are buying stocks based on what is supposed to happen in the future, as opposed to the Iliad or ancient history then I think Citigroup’s balance sheet looks pretty good.
The past couple years have been something of a kick the pants for Vikram Pandit and certainly not what he was expecting when he agreed to take on the role of Citi CEO in exchange for almost a billion dollars, plus the keys to his lemon, otherwise known as Old Lane. Previously a smiley, jolly fellow of a sunny disposition, he lost weight and found himself in something of a funk. Then, in April, things started to look up. “Vikram is looking and sounding a lot more confident and secure,” a top lieutenant told the Times. “He has a smile on his face.” And why? “He sees the day when he is going to earn more than a $1 a year.” Today, someone felt the need to come along and knock the wind out of those sails (of hope). Read more »