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What is Vikram Pandit’s Net Worth and Salary?
Vikram Pandit is an Indian-American banker who has a net worth of $200 million. Vikram Pandit served because the CEO of the monetary companies company Citigroup from 2007 to 2012. Before this, he labored at Morgan Stanley for 22 years, and was integral in creating the corporate’s prime brokerage division and digital buying and selling platform. In 2016, Pandit created and have become the chairman and CEO of the working firm the Orogen Group.
Early Life and Education
Vikram Pandit was born on January 14, 1957 in Nagpur, India to a rich family of Marathi ethnicity. His father, Shankar, served as an govt director on the firm Sarabhai Chemicals. As a youth, Pandit went to Bishop Cotton School, after which to Dadar Parsee Youths Assembly High School in Mumbai. At the age of 16, he moved to the United States, the place he enrolled at Columbia University. Pandit earned his BS diploma in electrical engineering from Columbia in 1976; he subsequently earned his MS from Columbia in the identical subject in 1977. He ultimately determined to transition to economics, and went on to acquire each an MBA and a PhD in finance from Columbia Business School.
Morgan Stanley
In 1983, Pandit turned an affiliate on the monetary companies company Morgan Stanley, within the course of turning into one of many first Indians to hitch the corporate. Working up the ranks, he was named the managing director and head of Morgan Stanley’s US Equity Syndicate in 1990. Four years after that, Pandit turned the managing director and head of the corporate’s world institutional securities division.
At Morgan Stanley, Pandit was a key participant in creating the corporate’s prime brokerage division in addition to its digital buying and selling platform. In 2000, he attained his highest place when he turned president and COO of Morgan Stanley’s world institutional securities and funding banking operations. Pandit parted methods with the corporate in 2005, ending his 22-year profession on the agency.
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Old Lane and Citigroup
In early 2006, Pandit partnered with fellow former Morgan Stanley workers John Havens and Guru Ramakrishnan to launch the hedge fund Old Lane LLC. The following yr, the corporate was bought by Citigroup for $800 million; because of this, Pandit and Havens turned members of Citi’s management. Pandit was quickly appointed chairman and CEO of the Citi Alternative Investments unit, and later was put accountable for the corporate’s Institutional Clients Group. In December of 2007, he was named Citigroup’s new CEO.
For his first full yr as CEO of Citigroup in 2008, Pandit earned a complete compensation of $38.2 million. Early the following yr, as a result of firm’s monetary struggles, he demanded that his wage be set at $1 a yr with no bonus till Citigroup returned to profitability. Pandit’s complete compensation for 2009 ended up being $128,751. After working for 2 years on the $1-a-year wage, he had his annual base raised to $1.75 million because of his progress in turning Citigroup’s funds round. Pandit continued his success, handing over 5 straight quarterly income to develop into one of many highest-paid CEOs on the earth.
Resignation and Controversy
In October of 2012, Pandit abruptly and unexpectedly resigned because the CEO of Citigroup, and was changed by Michael Corbat. Controversy quickly arose surrounding the circumstances of his departure, which got here after a sequence of fraud allegations and investor payouts. Bloomberg News reported that Pandit had really been pressured out of his place by the corporate board for damaging investor confidence and relations with regulators. Later, the New York Times named chairman Michael E. O’Neill because the chief in a protracted, covert effort to oust Pandit that resulted in his alternative of both resigning or being fired.
Other Ventures
Among his post-Citigroup enterprise ventures, Pandit partnered with fellow Indian govt Hari Aiyar in 2013 to buy a 3% fairness stake in JM Financial. The two additionally created a $100 million fund to put money into the corporate’s distressed belongings. Later, in 2016, Pandit partnered with Atairos Group to type an working firm referred to as the Orogen Group. With backing from Comcast Corporation, the Orogen Group invests in varied monetary companies firms.
Board Appointments
Pandit is a member of quite a few boards, together with that of his alma mater Columbia University and its Business School. He additionally sits on the boards of Trinity School and the Indian School of Business, and is the director of the Institute of International Finance. Earlier, from 2000 to 2003, Pandit served on the board of the New York City Investment Fund.
Personal Life
With his spouse Swati, Pandit has two kids named Maya and Rahul. He is a naturalized US citizen, and resides on the Upper West Side of Manhattan in New York City.
In 2008, for his contributions to the enterprise trade, Pandit obtained the Padma Bhushan, some of the prestigious civilian awards in India.
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