CEO Vikram Pandit might be fired from CITI
Heavy Perspiration
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Citigroup's Vikram Pandit was given the prestigious CEO chair to buckle up the company and give hope and confidence to the employees, this is where his dream shatters.
The company's Board is contemplating firing Vikram Pandit before the company finds itself amongst rubble. It won't be easy for Pandit to be one of the 52,000 Citigroup employees given the boot from across the globe.
Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilize the banking behemoth, after its shares took a sharp plunge this week.
In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.
The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.
The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.
The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.
The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.
Time
I think situation did not arise due to his ability or inability....
It is due to time !!!
texan excheerleader
This is what happens when when Citi had too much greed. Too many businesses in too many companies. This is what happens when our government lets them have to much, for too little, too many conglomerates, too many monopolies, it is our governments fault for allowing Citi too get so big. Citi hasn't cared about customers they have raised rates. They have cared about giving excessive bonuses, salaries, and stock to Chuck Prince and others. Ridiculous. Financial companies have run rogue on US customers. Citi has an outrageous rate finance company citifinancial and and outrageous auto finance company also with 15% auto rates. They are greedy and need to suffer, sell something or business' already.
future
always people are saying "who has seen the future "
but future decide in the our current work so no one can save the city group
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