Will Citigroup Dump Vikram Pandit on His Birthday?


Citigroup CEO Vikram Pandit’s 52nd birthday is on Wednesday, and it seems like this one could be even worse than last year’s. Despite the $45 billion bailout Citi received from the government this fall and the fact that they are collecting a monster monthly interest rate from yours truly, Citi continues to struggle: The practically U.S.-owned institution’s fourth-quarter losses look like they could be billions of dollars worse than what analysts projected, and the way they’ve been cleaning house (Robert Rubin resigned last week, and an investment-banking head resigned this weekend) suggests they are trying to look proactive. Which could mean getting rid of CEO Vikram Pandit, who has only been in place since last December. The bank, of course, denies this. “We have confidence in the current management and leadership of Vikram,” board member and former Time Warner CEO Richard Parsons, who is expected to replace Sir Win Bischoff as Citi’s chairman this month, told the Journal. He added that there was “no truth” to the rumors. Of course, it wasn’t that long ago that there was no truth to the said rumors that Parsons was taking over for Bischoff, either, and now he’s giving quotes to the press while Bischoff is nowhere to be found. At least make an effort to make your lies believable, guys. Really.

Citi Board Backs CEO as Outlook Worsens [WSJ]