The FINANCIAL – Citi has announced the appointment of Vikram Pandit, 50, as Chairman and CEO of the newly formed Institutional Clients Group comprising Citi Markets & Banking (CMB) and Citi Alternative Investments (CAI). He will continue to report to the Office of the Chairman. Pandit, who retains his title as Chairman of CAI, remains a member of Citi’s Business Heads, Operating and Management committees. The appointment is effective immediately.
Michael Klein continues as Chairman and co-CEO of Markets & Banking. Since joining Salomon Brothers in 1985, Klein has held a number of increasingly important positions throughout the company, including CEO of Global Banking and CMB CEO of Europe, Middle East and Africa. He remains a member of Business Heads, Operating and Management Committees.
James Forese has been named co-CEO of Markets & Banking. Forese, a 22-year veteran of the company, has led the CMB’s Global Equities division for the last four years. He remains a member of the Operating and Management Committees. Previously, he held senior positions in Fixed Income both in New York and in London. Klein and Forese both report to Mr. Pandit.
John Havens has been named President and Chief Executive Officer of CAI. Guru Ramakrishnan remains President and Chief Executive Officer of Old Lane. Both report to Vikram Pandit, and remain members of the Management Committee.
“This new operating structure will enable us to continue to use our capital actively but in a more efficient way, keep moving towards higher margin businesses, continue to diversify our sources of business, and employ world class talent that has a relentless focus on serving our clients. We have made substantial progress towards these goals. Vikram Pandit is the right person to lead our effort to accelerate that progress,” said Charles Prince, Chairman and CEO.
Tom Maheras is leaving Citi to pursue other interests. “Tom Maheras began his career with the legacy firm Salomon Brothers and over the last 23 years has made extraordinary contributions to our company,” Prince said. “He has been a great partner and friend. We wish him the very best.”
Pandit was a founding member and Chairman of the Members Committee of Old Lane, LP, a multi-strategy hedge fund and private equity fund manager that was acquired by Citi in 2007. Prior to forming Old Lane, 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.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex.