Vikram Pandit

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<p><strong><a href="/biography/vikram-pandit">Vikram Shankar Pandit</a> is an Indian-American banker and former chief executive officer of Citigroup, serving in the role from December 2007 until October 16, 2012.</strong></p>

<h2>Early Life and Education</h2>

<p>Vikram Pandit was born in Maharashtra, India, into a well-established <a href="https://en.wikipedia.org/wiki/Marathi_Brahmin">Marathi Brahmin</a> family. His father, Shankar B. Pandit, served as an executive director at Sarabhai Chemicals in Baroda. Raised in an academically inclined environment, Pandit attended Bishop Cotton School in Nagpur and later moved to Mumbai, where he studied at Dadar Parsee Youths Assembly High School.</p>

<p>At the age of sixteen, Pandit moved to the United States to pursue higher education at Columbia University. Within three years, he earned a Bachelor of Science degree in electrical engineering in 1976. He followed this with a Master of Science in electrical engineering in 1977. Driven by a growing interest in finance, Pandit continued at Columbia Business School, receiving both an MBA and a PhD in finance by 1986. His doctoral dissertation was titled "Asset Prices in a Heterogeneous Consumer Economy."</p>

<h2>Early Career at Morgan Stanley (1983–2005)</h2>

<p>Pandit briefly lectured in economics at Columbia University and later served as a professor at Brock University in Ontario, Canada. In 1983, he joined Morgan Stanley as an associate, becoming one of the firm's first Indian-origin employees.</p>

<p>By 1990, Pandit was promoted to managing director and head of the U.S. Equity Syndicate. In 1994, he became managing director of Morgan Stanley’s worldwide Institutional Securities Division, where he played a pivotal role in developing the firm's electronic trading and prime brokerage capabilities.</p>

<p>In 2000, Pandit was appointed president and chief operating officer of Morgan Stanley’s Institutional Securities and Investment Banking division. He worked closely with <a href="https://en.wikipedia.org/wiki/John_Havens">John Havens</a> during his tenure. After two decades with the company, Pandit and <a href="https://en.wikipedia.org/wiki/John_Havens">Havens</a> resigned from Morgan Stanley in 2005.</p>

<h2>Old Lane LLC and Entry into Citigroup</h2>

<p>In 2006, Pandit co-founded Old Lane LLC, a hedge fund, along with <a href="https://en.wikipedia.org/wiki/John_Havens">John Havens</a> and <a href="https://en.wikipedia.org/wiki/Guru_Ramakrishnan">Guru Ramakrishnan</a>, a former Morgan Stanley <a href="https://en.wikipedia.org/wiki/Guru_Ramakrishnan">executive</a>. In 2007, Citigroup acquired Old Lane for approximately $800 million, bringing Pandit and his team into Citi’s senior leadership. He was appointed chairman and CEO of Citi Alternative Investments (CAI) and later headed Citi's Institutional Clients Group.</p>

<h2>CEO of Citigroup (2007–2012)</h2>

<p>On December 11, 2007, Vikram Pandit was appointed CEO of Citigroup, supported by then-interim <a href="https://en.wikipedia.org/wiki/Robert_Rubin">chairman</a> <a href="https://en.wikipedia.org/wiki/Robert_Rubin">Robert Rubin</a>. Taking the role during the financial crisis, Pandit committed to restoring stability and rebuilding the firm. In 2009, he testified before Congress, announcing that he would forgo most of his pay and work for a symbolic salary of $1 per year until the bank returned to profitability. That year, he received total compensation of $128,751, with a base salary of $125,001.</p>

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<p>Pandit continued with the $1 salary for two years. In 2011, with Citigroup showing signs of recovery through five consecutive quarters of profitability, his base salary was increased to $1.75 million. That same year, Citigroup awarded him a $23.2 million retention bonus. However, in April 2012, shareholders voted against a proposal to raise his compensation package to $15 million.</p>

<p>Pandit co-chaired sessions at the World Economic Forum in Davos in 2012. While his visibility garnered support within some circles, it also attracted criticism. Analyst Mike Mayo of Crédit Agricole questioned whether Citigroup, then still recovering from the crisis, should be a representative of the financial industry. At the forum, Pandit emphasized Citigroup’s shift “back to the basics of banking” and identified employment generation as a pressing global challenge.</p>

<h2>Departure from Citigroup</h2>

<p>On October 16, 2012, Pandit abruptly resigned as CEO of Citigroup. <a href="https://en.wikipedia.org/wiki/Michael_Corbat">Michael Corbat</a>, who had served as CEO of Citi’s Europe, Middle East, and Africa operations, was appointed as his successor. Although the public narrative stated that Pandit stepped down voluntarily, media reports citing anonymous sources suggested he was forced out due to declining investor confidence and ongoing regulatory concerns. The New York Times reported that <a href="https://en.wikipedia.org/wiki/Michael_E._O'Neill">Chairman</a> <a href="https://en.wikipedia.org/wiki/Michael_E._O'Neill">Michael E. O’Neill</a> led a discreet but sustained effort that ultimately resulted in Pandit's unexpected departure. His resignation came amid shareholder payouts and pressures tied to regulatory scrutiny.</p>

<h2>Business Initiatives Post-Citigroup</h2>

<p>In May 2013, Vikram Pandit and Indian executive Hari Aiyar acquired a 3% stake in JM Financial and launched a $100 million fund targeting distressed assets in India. In 2016, Pandit and the Atairos Group, with backing from Comcast Corporation, launched The Orogen Group, a venture focusing on investments in financial services firms. Through this platform, Pandit continued his presence in the global financial landscape, emphasizing long-term and innovative strategies for financial services development.</p>

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