Pandit Set to Report His First Annual Profit as CEO
This article is for subscribers only.
Vikram Pandit is poised to report Citigroup Inc.’s first annual profit since he took over as chief executive officer three years ago, relying on trading and consumer banking to counter a drop in underwriting and mergers.
Citigroup, which took a $45 billion taxpayer bailout in 2008, may report net income of about $2.19 billion for the fourth quarter, based on a Bloomberg survey of 11 analysts’ estimates. That would bring full-year earnings for the New York-based company to $11.5 billion, the most since 2006. Pandit’s bank lost $29.3 billion during his first two years in charge.