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div><h3>Citigroup's Pandit faces test as pressure on bank grows</h3><p
style="font-style: italic; color: #000099">CEO Vikram Panditfaces
mounting pressure to show that he can turn around one of thelargest
and most troubled banks. </p><font class="date_font">David Enrich,
Wall Street Journal<br /><font class="date_font">06 May 2008 03:19</
font><br/></font><P class=times>Four months into his tenure as <A
class="timesrolloverQuote" onmouseover="window.status=(' Quotes &
Researchfor C');return true" onmouseout="window.status=('');return
true"href="http://online.wsj.com/quotes/main.html?
type=djn&symbol=c"><FONT color=#0253b7>Citigroup</FONT></A>
Inc.'schief executive, Vikram Pandit faces mounting pressure to show
that adetail-obsessed ex-professor can turn around one of the
world'slargest and most troubled banks.</P><IMG class=imglftbdy
height=231alt="[Vikram Pandit]" hspace=0 src="http://s.wsj.net/public/
resources/images/HC-GF900_Pandit_20051014070931.gif" width=136
align=leftborder=0><P class=times>Even executives who praise his
cautious, deliberativeapproach express concern Mr. Pandit is taking
too long to makedecisions. He has earned high marks for quickly
addressing the mostpressing financial issues. Still, executives and
investors alikecomplain that Mr. Pandit hasn't articulated his vision
for thecompany. Some executives also say they are stuck in holding
patternsawaiting instructions from his team on decisions that
previouslywouldn't have attracted such high-level attention.</P><P
class=times>"At a time like this, you really want people
marchingshoulder-to-shoulder with you," says Sanford Weill, the former
CEO whoengineered the 1998 merger that created the Citigroup behemoth
thatMr. Pandit is still wrestling with today. Mr. Weill, who sup****ts
Mr.Pandit, has urged him to use the bully pulpit of his job to
boostmorale and reassure investors.</P><P class=times>"The leader
needs to relate to the people," says Mr.Weill. "They need to know who
they're following."</P><P class=times>Some of Mr. Pandit's biggest
changes have stirredcontroversy. For instance, an executive shakeup in
late March resultedin a complex new chain of command: Some executives
now have two ormore bosses, sometimes located thousands of miles
apart.</P><IMGclass=imgrgtbdy height=228 alt="[Sanford Weill]"
hspace=0 src="http://s.wsj.net/public/resources/images/HC-
FX106_Weill_20070613213624.gif"width=136 align=right border=0><P
class=times>"Where does the decision-making lie?" Sallie Krawcheck,who
runs Citigroup's wealth-management business, asked Mr. Pandit at
ameeting of top executives, according to people familiar with
thematter. She expressed concern that the new structure could
cause"paralysis."</P><P class=times>Mr. Pandit, 51 years old, replied
in that meeting thatthe change was designed to "get across the value
of teamwork andcollaboration." The structure will also bring Citigroup
closer tocustomers, he has said.</P><P class=times>The CEO strongly
defends his analytical approach tofixing the company. Because
Citigroup -- a mammoth firm of some370,000 employees spread across
more than 100 countries -- has so manyproblems, there is no room for
making poorly informed snap decisions,Mr. Pandit said in an
interview.</P><P class=times>"The more patience people have, the
better off they'regoing to be at seeing the true value of this
company," he says. "It'sprobably going to take some time."</P><P
class=times>This Friday, his leader****p approach will be on displayat
a highly anticipated meeting with analysts and investors. He
i***pected to reject persistent calls to break up the company
intosmaller, more manageable businesses.</P><P class=times>Citigroup's
financial condition has continued worseningunder his watch. Since he
took over in December, the New York companyhas posted total losses of
nearly $15 billion for the past twoquarters, and executives warn that
Citigroup is likely to suffer forthe remainder of the year, especially
if the economy sinks into arecession. Its stock is down 26%.</P><P
class=b13><B>Shareholder Anger</B></P><P class=times>During
Citigroup's annual meeting late last month, hewas drowned out at one
point by angry shareholders. "What are yourplans?" one person yelled.</
P><P class=times>Former Treasury Secretary Robert Rubin, who
headsCitigroup's executive committee and helped lure Mr. Pandit to
thecompany last July, recently encouraged the new CEO to be blunter
withWall Street by acknowledging that it could take several years or
moreto turn around the company, according to a person familiar with
thematter.</P><P class=times>He has sup****ters within the firm. "I
will takesubstance over form any day of the week," says James Forese,
a seniorcapital-markets executive at Citigroup. "I will take judgment
overcharisma any day of the week."</P><P class=times>Mr. Pandit didn't
make this mess. He got the job afterballooning mortgage-related losses
forced his predecessor, CharlesPrince, to resign in November.</P><P
class=times>He inherited a giant that -- a decade after itscreation
from a merger of Citicorp and Travelers Group -- can stilltend toward
fiefdoms. Cultures and computer systems clash. Employeessometimes
ignore, or compete against, each other. In one extremeinstance, the
former co-heads of Citigroup's investment bank sometimesrefused to sit
in the same room together.</P><P class=times>One of Mr. Pandit's first
moves as CEO was telling topexecutives that pettiness like that would
no longer be tolerated."It's either going to be a partner****p, or
you're not here," he hasrepeatedly said, according to numerous
executives.</P><P class=times>Mr. Pandit has quickly tackled several
problems. In theweeks after he became CEO, he flew around the world to
drum upbillions of dollars in much-needed capital to fix the damage
caused bythe company's bad mortgage investments. He made the tough
decision tourge Citigroup's board to slash the dividend for the first
time inmore than 20 years.</P><P class=times>He has also sold off two
small units that he viewed asperipheral, and plans to unload a third
-- insurance and mutual-fundsales company Primerica Financial Services
-- in the next few months,say people familiar with the matter.</P><P
class=b13><B>'Talk About Vision'</B></P><P class=times>Asked about his
vision for the company, Mr. Pandit saysfirst it needs to fix the
little things. "Only after we get thosefoundations right do we earn
the right to talk about vision," hesays.</P><TABLE class=imglftbdy
cellSpacing=0 cellPadding=0 width=200align=left border=0
class="imglftbdy"><TBODY><TR><TD class=""><IMG height=284 alt="[Vikram
Pandit ]" hspace=0src="http://s.wsj.net/public/resources/images/OB-
BJ945_Pandit_20080505182218.jpg" width=200 border=0></TD></TR><TR><TD
class=medcrd class="medcrd">Associated Press </TD></TR><TR><TD
class=medcptcrd class="medcptcrd">Vikram Pandit</TD></TR></TBODY></
TABLE><P class=times>His late-March management restructuring isn't the
firsttime Citigroup has grappled with chain of command for the
sprawlingenterprise. A scandal in Japan in 2004, which tem****arily
cost thebank its private-banking license there, was blamed in part on
a lackof clarity in re****ting lines to the New York headquarters.</
P><P class=times>In this latest management reorganization, after
Ms.Krawcheck and other senior executives raised concerns about the
blurryre****ting lines, Citigroup executives clarified who would
beresponsible for what.</P><P class=times>Mr. Pandit is busy clamping
down on expenses big andsmall. Late last year, he reinstated an annual
ritual of weeding outthe worst-performing 5% of the staff. Citigroup
has also beguncharging lower-level employees to use the investment
bank's covetedbox seats at s****ting events when big shots aren't
occupying them.Previously, these tickets were free.</P><P
class=times>Some of the pressure from Wall Street, which cravesinstant
gratification, is simply unrealistic, given the depth of theproblems
Mr. Pandit inherited. "In many ways, our fate is going to bedecided to
some extent by the duration of the environment we're goingthrough,"
Mr. Pandit says, referring to the twin perils of the debt-market
crisis of recent months, and the sluggish U.S. economy. Fornow, issues
like these are "likely to overwhelm our actions."</P><P
class=times>Mr. Pandit grew up in Mumbai. His father worked for
apharmaceutical company, a job that carried the family to New
YorkCity. Mr. Pandit settled there and earned his undergraduate
andmaster's degrees from Columbia.</P><P class=times>He seemed likely
to settle into academic life atIndiana University, where he was an
associate professor. But thenMorgan Stanley hired him as a part-time
consultant. That experience,he said, showed that "you could have a big
impact" by working on WallStreet. "That became intriguing," he said.</
P><P class=b13><B>Consensus Building</B></P><P class=times>Soon he
took a full-time job at the investment firm.Over the next two decades
or so, he pushed Morgan Stanley intoelectronic trading and services
that cater to hedge funds, developinga reputation as a derivatives
expert and patient consensus-builder.</P><P class=times>"His goal is
to always have intellectual agreement,"says a former colleague.
"Sometimes that takes a little longer, andsometimes you never get
there."</P><P class=times>Mr. Pandit was widely seen as a candidate to
be MorganStanley's CEO, but lost his job in an internal power struggle
in 2005.With a few other Morgan Stanley alumni, he launched a hedge
fundfocused on investments in emerging markets like India.
Citigroupbought his hedge-fund group last July, bringing Mr. Pandit
into thecompany.</P><P class=times>Despite being ambitious, Mr. Pandit
resists thecelebrity status that can accompany success on Wall Street.
He skipsgabfests like the World Economic Forum in Davos and sometimes
ridesthe subway instead of using Citigroup's fleet of on-call cars.</
P><P class=times>The day he was named CEO, Mr. Pandit returned to
hisapartment near Central Park and phoned his 85-year-old father
inIndia. "The Prince has left, the king has arrived," he re****tedly
toldhis father, according to an interview the elder Mr. Pandit gave
onIndian television.</P><P class=times>Mr. Pandit later ribbed his
father about the quip."Dad, you're too old to be a TV star," Mr.
Pandit said, according toan acquaintance.</P><P class=times>To get his
arms more fully around the company he nowled, Mr. Pandit late last
year enrolled himself in a crash course withAjay Banga, who at the
time ran Citigroup's international consumergroup. Mr. Pandit spent
hours grilling him about the Japanese consumer-finance unit, which was
reeling from customer defaults.</P><P class=times>Citigroup executives
say they have learned to expectinterrogations like this when Mr.
Pandit shows up. "What are you doingwith the shareholders' money?" is
a typical starting point, they say.</P><P class=times>Yet some worry
that the CEO's fixation on details isslowing decisions. Shortly after
taking over, he convened a group oftop investment bankers to consider
ways to reorganize their businessesto reduce overlap. They spent a
month brainstorming and came back withideas, but "nothing happened,"
says one executive, who felt Mr. Panditwas happy to explore things on
a theoretical level but hesitant toimplement them.</P><P
class=times>Today, four months after that meeting, Citigroup is
nowpreparing to reorganize the unit along the lines originally
proposed,according to people familiar with the situation. The goal
will be toknock down longstanding barriers between cor****ate and
investmentbankers.</P><P class=times>Similarly, at a February meeting
in Turkey, a Citigroupemployee wanted to know when staffers would no
longer "have to go toNew York" for approval of every decision.</P><P
class=times>"It's going to take some time because we have to
bediligent," Mr. Pandit responded politely. "I don't want this to
bebased only on intuition."</P></p><br/><!----><p><br><!-- ADDTHIS
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