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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 stabilise 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 USD 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 USD two 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.
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Wherever commnnunal Hindu Bramans are going they are destroying only. Here Pandit is exploiting poor Christians in US also but becoming rich himself. On the other hand seclallular Christian and Muslim loveing OBC Lallu ji made profit for railways in India and brought smiles to all oppressed SC ST OBC Muslim Christian by removing all Bramans from Railways and employing oppressed Bihari jaat in Railways in Maharashtra also. He can also save Citi by becoming CEO and giving 99.9999% quota to OBC Muslim Christian and advertising job positions in his constituency and allowing free visa to US for his talented relatives and Muslims from his village.
If citygroup collapse and the City bank in reality if the city bank is no more in existence, I think I dint need to pay back my personnel loan and credit cards.that means I dont need to pay and my purchase capacity will increase...that will be the way to come out from the global financial crises!!!!no one need to pay their instalments...we will start all new!
sounds like a good idea!!! even i have loans in citi.. :)
Nothing to do with being Indian...the guy gets an obscene sakary and one year to show results, does nothing, in fact, as a Citi customer, I can say that service has worsened in the past year...push eject button...
Corporate America is cunning and nasty. When the American melt down started they wanted a scapegoat to run the show.Prior to Pandit -- White masters has already milked the cream - left the garbage for the Indian to clean -- white trash knows that this cannot be cleaned they made a stop gap Indian scape goat and now they want to show the world that Indian scapegoat goat is no good and through him garbage.American Ivy league Financial mantra
So what will citi group achiev by removing Pandit? Will their financial conditions improve? They are sacrificing Pandit just to save their faces. They, like all other Ameican institutions, were greedy for the no. 1 position whih has hit them back very hard. Mr. Pandit, I am proud of you. You ideally should resing and join an Indian firm to take over the world.Cheers!!