Moneymanagement’s Weblog

Is Pandit Citibank’s fall man?

Posted in banking by moneymanagement on July 21, 2008

With losses and wispers mounting the great Citibank is trembling.

US banking giant Citigroup has reported a $9.83bn (£5bn) net loss for the last three months of 2007.

Chief executive Vikram Pandit said the loss had been caused by a $18.1bn exposure to bad mortgage debt and was “clearly unacceptable”.

The company, the largest banking group in the US, said revenues during the fourth quarter fell 70% from a year earlier to $7.2bn.

Mr Pandit has pledged to turn around Citigroup’s fortunes.

In India there are rumours, strong enough to be reported on the front page of Times of India, that Citibank is looking to sell it’s landmark protery at Bandra Kurla Complex.

Will Pandit succed in turning Citibank around as promised or is he going to be the scarp goat to heap fault on for Price’s excesses and bad decisions.

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