Citigroup Inc.’s Chief Executive Officer Vikram Pandit is not worried about the future, according to his recent statements concerning his bank’s plans. Pandit stated that he has “little doubt” that his company would quickly return to profitability once the economy starts to show definite signs of recovery.
 
Pandit also spoke of his plans to repay back the Federal Reserve for the bailout money his company received, stating that it would do so in compliance with regulators when it is in a better spot. Due to the government’s increased interest in the country’s financial institutions, Pandit has been trying to get the …read more

Troubled financial institution Citigroup has decided to move around several of its executives in what appears to be an attempt to quell the concerns that federal regulators have had about the company. Former president and chief operating officer of FleetBoston Eugene Mcquade has been tapped to become chief executive of Citibank, while CFO Ned Kelly will be replaced by chief accounting officer John Gerspach.
Federal regulators from the Federal Deposit Insurance Corporation have long criticized Citigroup’s management for its apparent lack of experience in retail and commercial banking. Mcquade has the plenty of the kind of experience that the FDIC has …read more

Merrill Lynch was acquired by Bank of America, and this move has turned one of the most important financial institutions in the country into a shadow of its former self. Eighteen senior investment bankers have left Merrill Lynch for greener pastures, leaving Merrill Lynch on shaky ground, especially in a business where expert employees make all the difference.
As long as Merrill Lynch is a part of Bank of America, though, its personal struggles hardly seem to matter. On its own, Merrill Lynch would be suffering incredibly in the wake of its investment bankers leaving the company, but as part of …read more