Investment Banking named Vikram Pandit, the head of its investment banking business, as its chief executive yesterday, Investment Banking charging him with restoring the bank’s profitability and reputation after missteps in lending and investing left Citi with billions of dollars in losses this year.
Pandit is well known on Wall Street Investment Banking, having run hedge fund Old Lane Partners bought by Citi earlier this year. He is seen as a carefu，decisive investment banker - Investment Banking qualities Citi needs following the ouster last month of Charles Prince and the revelation that Citi’s writedowns of soured mortgages could amount to as much as $17.5 billion (U.S.) by the end of the year.
Citi is still the largest U.S. bank by assets, though, so while most major financial companies have seen problems navigating a surge in foreclosures and a freeze-up in credit Investment Banking, Citi’s losses have been seen on Wall Street as particularly egregious Investment Banking.
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