DailyIndia.com- Citigroup Inc has named its investment banking head, Vikram Pandit, as the group’s chief executive and acting CEO Win Bischoff as its chairman, disappointing investors who wanted abig-name outsider to overhaul the bank.
Citi had been seeking a replacement for former CEO Charles Prince, who left on November 4 under pressure from shareholders frustrated by the performance of the largest US financial services company. Citi shares have fallen by about a third this year, and the company has taken massive write-downs for mortgage-related holdings.
Pandit`s career has included heading investment banking and capital markets at Morgan Stanley. He joined Citigroup five months ago when the bank bought his year-old hedge fund firm, Old Lane Partners, for USD 800 million.
