For the last few years or so, Citi has been shown relatively little respect by market participants. That may have had to do with the fact that the bank was not a very desirable asset, having decided during the Sandy Weill era that big is beautiful. Unfortunately the C went a little too far with the idea, making it it’s business to consume everything in arm’s reach. It quite literally became “too big to fail,” and the only attention it got was negative. Receiving the sort of admiration and compliments afforded to a place like Goldman or JPMorgan was out of the question; the nicest thing you could say about C was it would take home plenty of ribbons at a pie eating contest– “best digestion,” etc. And Vickles ain’t gonna lie the jabs stung. But now? Post-makeover that’s included shedding assets, slimming down and getting back to the “core” business? Vikram is feeling hot. Regulation hottie hot. And not just when he and C look in the mirror, but in the eyes of the Street.
Pandit touted moves the bank has made to streamline its operations—winding down Citi Holdings, selling assets and improving efficiency in its global operations. The holding company was separated from Citi’s general operations to get rid of the toxic assets that remained on the company balance sheet.
“…the markets are increasingly recognizing who we are…” Pandit told CNBC. The company has made progression in its global business and trading arms and will “have the market appreciate even more what Citi is,” he added.
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As you may or may not have noticed, things have really been looking up at Citi. The bank beat Goldman at something, it got the government’s ball-gag removed from its mouth and today comes the news it was able to land a big hire in academic rainmaker, Peter Orszag, whose job description is “youngest member of Citi’s Senior Strategic Advisory group, a counsel of Wall Street wise men that its bankers can call on to parachute in with advice on complex deals.” And that’s not all. Read more »
So happy to accept this award.
Oh that’s right, ladies. Citi has actually beat Goldman Sachs (and Morgan Stanley) at something. True, it’s the number of times the bank tapped the Federal Reserve’s credit facilities but they will take what they can get! Read more »
Kingdom Holding Co. said the investment firm and its chairman, Saudi Arabian billionaire Prince Alwaleed Bin Talal, invested $500 million in General Motors Co.’s recent initial public offering. The transaction represents 1% of the value of GM’s subscriptions, Kingdom Holding said Tuesday in a statement emailed to Zawya Dow Jones. The firm cited “the global strength of the General Motors brand, the relatively attractive offering price, and the company’s growth prospects in Brazil and China.” [WSJ]
With the passing of the Dodd-Frank Bill, one pesky thing that banks have had to spent a couple hours getting in line with is the Volcker Rule, and what it means for their proprietary trading desks. Whether to spin them off, send the employees to a farm in the country where they can run around, move them to the basement or just rename the group the ‘troprietary prading’ unit, about which no one will be the wiser, the whole thing has been a bit of a headache. One person who hasn’t lost any sleep over the mandate, however, is Vikram Pandit. Because unlike his counterparts at say, Goldman, who’ve clutched their pearls and felt faint at the thought of a world without prop, Vickles got behind the rule before it was even a twinkle in Volcker’s eye. 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 »
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 »
His name is Matthew DiGiacobbe, he’s 28, his “favorite guilty pleasure” is Twilight, he manscapes and he needs your help to clinch this thing. [Cosmo via BI]