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Third govt bailout of Citi could cost Pandit his job

Third govt bailout of Citi could cost Pandit his job
PTI
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First Published: Mon, Feb 23 2009. 04 46 PM IST
Updated: Mon, Feb 23 2009. 04 46 PM IST
Washington: India-born Vikram Pandit could well lose his job as the chief executive of Citigroup if the American government comes in with yet another lifeline for the beleaguered financial services entity.
Citi has already received fresh capital injection to the tune of $45 billion from the Federal government and officials way back in November reportedly had even discussed the option of replacing Pandit.
Pandit took over the reins of Citi in December 2007.
“... top government officials warned Pandit that a third trip to the taxpayer trough would probably cost him his job,” the Wall Street Journal reported today.
The daily said that Citi is in discussions with Federal officials which could result in the government increasing its ownership in the bank.
The report noted that in November last year Federal officials privately discussed the possibility of replacing Pandit.
“But the government decided not to remove him, in large part due to a dearth of qualified replacements,” it added.
In addition to $45-billion capital injection, the government had also agreed to guarantee the bank’s assets worth more than $300 billion.
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First Published: Mon, Feb 23 2009. 04 46 PM IST