Vikram Pandit is an Indian-American former banker who served as CEO of Citigroup from 2007 to 2012. He earned degrees from Columbia University in electrical engineering and later a PhD in finance from Columbia Business School. Pandit had a long career at Morgan Stanley, rising to president and COO, before co-founding a hedge fund and then being named CEO of Citigroup in 2007. As Citigroup CEO, Pandit worked for $1 per year salary until the company returned to profitability and helped lead its recovery in the aftermath of the financial crisis, though he resigned unexpectedly in 2012.

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Vikram Pandit
Former CEO of Citigroup
Vikram Shankar Pandit (born 14 January 1957) is an Indian-born American banker. He
is the former chief executive of Citigroup, a position he held from December 2007 until
he resigned on 16 October 2012
Early life and Education
Vikram Pandit was born in Dhantoli locality of Nagpur, Maharashtra, India, to an affluent Marathi Karhade
Brahmin family. His father, Shankar B. Pandit, was an executive director at Sarabhai Chemicals in Baroda.
Pandit studied at Bishop Cotton School in Nagpur, and then completed his schooling at the Dadar Parsee
Youths Assembly High School in Dadar, Mumbai. When Pandit was 16 years old, he moved to the United
States to attend Columbia University. for his undergraduate program and, in 1976, earned his B.S. degree in
electrical engineering in only three years. He then completed his M.S. in electrical engineering in 1977. Pandit
subsequently turned to business studies and finance and earned a PhD in finance from Columbia Business
School in 1986, after publishing a thesis involving a complex financial puzzle, titled "Asset prices in a
heterogeneous consumer economy
Career
During his early professional years, he taught economics at Columbia, then had a stint as a professor at Brock
University in St. Catharines, Canada.
He joined Morgan Stanley as an associate in 1983, one of the first Indians to join the company. In 1990, Vikram
Pandit was chosen as the managing director and head of the US Equity Syndicate unit of Morgan Stanley and
by 1994, he had risen to become managing director (MD) and head of its worldwide Institutional securities
division. He was instrumental in building Morgan Stanley's electronic trading and prime brokerage division and
in 2000, ultimately rose to the post of president and chief operating officer (COO) of its worldwide operations
of the Institutional securities and Investment banking businesses.
In 2005, after more than two decades with Morgan Stanley, Vikram Pandit decided to leave the firm along with
John Havens after being passed over by Philip J. Purcell. In March 2006, Pandit and John Havens, along with
Guru Ramakrishnan (former global head of trading, technology and new products in the equities group at
Morgan Stanley), started the hedge fund Old Lane LLC. On 11 December 2007, Pandit was named the new
CEO of Citigroup, replacing interim-CEO Sir Winfried Bischoff. Pandit was strongly supported by then interim
chairman of Citigroup Robert Rubin, the effective successor to Chuck Prince.
On 11 February 2009, Pandit testified to Congress that he had declared to his board of directors, "My salary
should be $1 per year with no bonus until we return to profitability. In January 2011, after working for two
years for a salary of $1 a year, his annual base was raised to $1.75 million for the progress Citi made under
Vikram’s leadership. After posting five consecutive quarterly profits, Citigroup in May 2011, announced
$23.2m retention award to Pandit making him one of the highest paid CEOs. In April 2012, shareholders voted
against increasing his pay to $15 million. About 55% of the votes cast were against the compensation package.
On 16 October 2012, Pandit unexpectedly resigned as Citigroup CEO. It was reported in May 2013 that Pandit
and Hari Aiyar, another Indian executive, were acquiring a 3 percent equity stake in JM Financial and launching
a $100 million fund to invest in distressed assets.