Citi taps insiders to take the reins

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhicker: Clemson demonstrates that it’s tough to knock out the champBut Pandit’s career on Wall Street has been mostly behind-the-scenes, and neither Pandit nor Bischoff have significant experience with the consumer side of banking. After spending five weeks waiting for Citi to name a new captain and watching the similarly embattled Merrill Lynch & Co. nab the famous turnaround specialist John Thain, investors remain worried that Citi has problems that are unmanageable. “The biggest question mark is why, for neither one of those jobs, did you not get anyone from the outside?” said Anton Schutz, president of the investment advisory firm Mendon Capital Advisors, which has 210,000 shares of Citi in its funds. “They’re already on a ship that has leaks in it. Maybe no one wanted to come on board.” Bischoff, 66, had been Citi’s acting CEO and replaced Robert E. Rubin. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! NEW YORK – In naming two insiders as CEO and chairman after a five-week search, Citigroup Inc. proved to a skeptical Wall Street that it was unable – or unwilling – to snag a financial superstar with a bold new vision from outside the troubled banks’ walls. The new CEO, Vikram Pandit, earned his investment banking chops at the brokerage Morgan Stanley, and Citi nabbed him earlier this year when they bought his hedge fund for $800 million. And the new chairman, Win Bischoff, became the head of Citi’s European operations after several years as chairman of the British investment bank Schroders PLC. To be sure, the two men have compelling investment banking credentials – certainly more so than their law school-trained predecessor, Charles Prince – which could help them face the fact that Citigroup must unsnarl itself from up to $17.5 billion in write-downs of soured mortgages this year. last_img read more


first_imgSmeared: Letterkenny Garda StationA STUDENT smeared his own excrement all over the walls of a Co Donegal Garda station after he was arrested four weeks ago, a court has heard.But Robert O’Connor told a judge in Letterkenny that he was “mortified and embarrassed” by his actions and was seeing a counsellor to stop drinking. Garda Sgt Joe Keeley told the court that officers came across O’Connor, a 23-year-old from Ballymacool, in the early hours of October 6th.Sgt Keeley said a foot patrol in Letterkenny saw a number of men fighting on the main street.“Mr O’Connor was ordered to leave the area but he refused to do so. He wanted to fight again and he was arrested,” said the officer in evidence.“He was taken to Letterkenny Garda station where damaged the walls of the cells and the floor.“He smeared his own faeces over the walls and urinated over the floor.”The court heard the clean-up cost almost €200.O’Connor’s solicitor Ciaran Dillon said his client was very embarrassed by the incident.O’Connor had two previous convictions for public order offences, the last in 2009, but he had not been before the courts since.“He was very embarrassed. He was heavily intoxicated on the occasion. He has gone back to college and is now a full time student,” said Mr DillonO’Connor stood up in court and told Judge Paul Kelly: “I am deeply ashamed by what I have done and I want to apologise.”Judge Kelly adjourned sentencing until February to give O’Connor time to come up with the cash to pay for the clean-up.STUDENT WHO SMEARED EXCREMENT ON WALLS OF GARDA STATION CELL TOLD TO PAY FOR CLEAN-UP was last modified: November 5th, 2013 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:excrementLetterkenny Garda stationsmearedlast_img read more