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Vikram PanditAmerican banker originally from India
Date of Birth: 14.01.1957
Country:  USA |
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Biography of Vikram Pandit
Vikram Shankar Pandit, an American banker of Indian origin, served as the CEO of the financial conglomerate Citigroup from December 2007 until his sudden resignation on December 16, 2012.
Early Life
Vikram Shankar Pandit was born on January 14, 1957, in Dhantoli, Nagpur, Maharashtra, India, into a wealthy Marathi Brahmin family. His father, Shankar B. Pandit, was the CEO of Sarabhai Chemicals, a pharmaceutical giant, in Baroda, India. Vikram completed his schooling in Dadar, Mumbai.
Education and Career
At the age of 16, Vikram arrived in the United States as an undergraduate student at Columbia University. He earned a bachelor's degree in electrical engineering in 1976, followed by a master's degree in the same field in 1977. However, he later shifted his focus to business research and finance. In 1986, he earned a Ph.D. in finance from the Columbia Business School, with his dissertation titled "Asset Prices in a Heterogeneous Consumption Economy."
After completing his education, Pandit taught economics at his alma mater before becoming a professor at Brock University in St. Catharines, Canada. In 1983, he made history as the first Indian to be hired as an associate member at the investment bank Morgan Stanley. By 1994, Vikram had risen to the position of Managing Director and Head of Morgan Stanley's Institutional Securities business, responsible for securities owned by institutional investors. He played a key role in the development of Morgan Stanley's electronic trading and prime brokerage services.
In 2005, Pandit left the bank and, along with John Havens, launched the hedge fund Old Lane LLC in March 2006. After Citigroup acquired Old Lane LLC for $800 million, Vikram and John took leadership positions within the conglomerate.
Citigroup CEO
On December 11, 2007, Pandit was appointed as the CEO of Citigroup. During his tenure, he announced to the board of directors in 2009 that his annual salary would be just $1 until the company's performance improved. However, his leadership was recognized in January 2011 when his annual salary increased to $1.75 million. In May 2011, Citigroup announced that Pandit's bonus amounted to $23.2 million.
In April 2012, shareholders of the bank voted against an official salary of $15 million for the CEO. Approximately 55% of the voters opposed the compensation package. On October 16, 2012, Pandit unexpectedly resigned and was succeeded by Michael Corbat. Reports later emerged that Pandit had faced pressure from the board of directors, accusing him of undermining investor trust and damaging Citigroup's relationships with regulatory authorities.
Later Career
In May 2013, it was reported that Vikram and Hari Aiyar purchased a three percent stake in JM Financial and launched a $100 million fund for investing in distressed assets. Vikram's net worth is estimated to be $60 million.
Personal Life
After becoming a naturalized US citizen, Vikram settled in New York, where he currently resides with his wife and two children.
