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It’s Time to Say Bye Bye to Vikram Pandit!

By Amarendra Bhushan for CEOWORLD Magazine Updated:November 17, 2008

I think CEO’s that are resistant to job cuts would be more innovative. A CEO who cuts jobs first just means “My job must be saved first”

I miss the good old days of employee loyalty. Today, it is EXTINCT, long since destroyed by companies who let self-serving senior executives lavish themselves with obscene pay and perks while they destroy the careers and retirement dreams of millions of people with pointless downsizing and restructuring designed to justify their own compensation while pretending that all of this is somehow good for shareholders. The Executive Team should think about cuts in that area. I bet the home that that didn’t change.

People are talking, Well run honest banks don’t make a ton of money, citi is a fraud machine and the scam is finished. Those jobs never really existed. But I’m waiting for Citi executive management to fire itself for non-performance.

…could be a long wait!

Vikram Pandit, Citigroup’s CEO, is set to announce an even bigger round of job cuts this morning. (This round may supercede the potential 10,000 layoffs announced last Friday.) Will these cuts help revive Citi? No. But they may lower its cash burn rate by $50 billion in 2009. And investors are not impressed, sending its stock down 2.2% in pre-market.

CityGroup’s CEO Vikram Pandit is reportedly set to announce that the banking banking giant is planning to cut 53,000 jobs more jobs.

According to an ‘unnamed’ source, it will be revealed that the company ‘CitiGroup’ will eliminate more jobs in coming months.

The Associated Press is reporting that the 53,000 job cuts are in addition to the 22,000 already being eliminated from Citigroup Inc.’s 375,000-member work force as of the end of 2007.

These latest job cuts have now aggravated the company’s job reduction count to a hefty 20 percent.

Vikram Pandit
Chief Executive Officer
Citi

Vikram Pandit is the Chief Executive Officer of Citi. Before being named CEO on December 11, 2007, Mr. Pandit was Chairman and CEO of Citi’s Institutional Clients Group, which includes Markets & Banking and Citi Alternative Investments.

Formerly the Chairman and CEO of Citi Alternative Investments, Mr. Pandit was a founding member and chairman of the members committee of Old Lane, LP which was acquired by Citi in 2007.

Previously, Mr. Pandit was President and Chief Operating Officer of Morgan Stanley’s institutional securities and investment banking business and was a member of the firm’s Management Committee.

Mr. Pandit serves on the boards of Columbia University, Columbia Business School, the Indian School of Business, and Trinity School. He is a former board member of NASDAQ, the New York City Investment Fund, and the American India Foundation.

Mr. Pandit earned a PhD in Finance from Columbia University in 1986. He also received an MS degree in 1977 and a BS degree in electrical engineering in 1976 from Columbia.

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