Citi Bids Farewell to Pandit and a COO
Saying it’s the right time to exit, Vikram Pandit has stepped down from his post as CEO for Citigroup and has left Citi’s board of directors effective immediately, according to bank officials. The Wall Street Journal has reported that disputes over strategy and management between Pandit and the Citi board led to his departure.The board acknowledged that during his tenure Pandit restructured and recapitalized Citi, strengthened its global franchise and re-focused the business. “Citigroup is well-positioned for continued profitability and growth,” Pandit says in his parting statement.
After accepting the surprising resignation, the Citi board unanimously elected Michael Corbat to replace Pandit as CEO and serve as a director of the board, officials say. Corbat, who has held many executive posts, has been serving as Citigroup’s CEO of Europe, Middle East and Africa (EMEA).
In addition, John P. Havens, the president and chief operating officer (COO), also handed in his resignation, officials say. Havens, who also served as CEO of Citi’s Institutional Clients Group, had already been planning his retirement from Citi but moved up his departure as a result of Pandit’s resignation.
Pandit’s successor Corbat “brings deep and varied operating experience across a broad spectrum of the financial services industry,” says Michael E. O’Neill, chairman of the Citi board. He has managed institutional businesses, including sales and trading, capital markets, corporate and commercial banking, and consumer businesses as wealth management, mortgages and credit cards, O’Neill adds.
“With unprecedented economic, regulatory and political change, my top priority is to keep us focused on what our clients need, both today and tomorrow,” Corbat says in a prepared statement.
SEC Promotes Pamela Dyson to Deputy Chief Information Officer
The SEC has promoted Pamela C. Dyson to the post of deputy chief information officer (CIO) as part of the regulator’s efforts to “further modernize and enhance the agency’s information technology (IT) systems,” officials say.
As deputy CIO, Dyson will coordinate with the agency’s divisions and offices to provide IT infrastructure support for the modernization efforts. Prior to her new role, Dyson has held several key roles in the SEC’s Office of Information Technology (OIT) since joining the SEC in November 2010.
Dyson’s first position at the SEC was assistant director for enterprise operations where she managed day-to-day operations such as network engineering, database administration, data storage, telecommunications, and support services for the SEC’s headquarters and 11 regional offices.
Dyson was later promoted to chief technology officer (CTO), overseeing a security program, a managed enterprise architecture, system development, project management and investment functions. Before the SEC, Dyson was the deputy CIO for the U.S. International Trade Commission.
For its IT modernization efforts, the SEC has deployed a centralized database for tips and complaints, installed an automated workflow system for enforcement actions, created an e-discovery system to help investigators review evidence, set up a national standardized collection and storage system for SEC inspections and examinations, developed a unique system to analyze market data, and refurbished its financial management system.
Fidessa Opens Office, Data Center in Mumbai
Trading and investment management systems provider Fidessa has opened an office in Mumbai to build upon its regional bases in Hong Kong, Singapore, Tokyo and Sydney.
Client demand to trade Indian equities and derivatives drove Fidessa to establish a local team, office and data center in Mumbai. Fidessa is moving Sayant Chatterjee, the former senior vice president of business development in New York, to lead the operations in Mumbai as managing director of India.
“We look forward to the opportunity to partner with our customers and Indian exchanges to become an established vendor in this market and adapt our globally successful trading platform for this dynamic environment,” Chatterjee says in a prepared statement.
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