Vikram Pandit Net Worth - Pulptastic

Publish date: 2024-06-10

What is Vikram Pandit’s Net Worth and Salary?

Vikram Pandit, an Indian-American banker, has a net worth of $200 million. He served as the CEO of Citigroup from 2007 to 2012 and worked at Morgan Stanley for 22 years prior to that. At Morgan Stanley, he played a key role in developing the company’s prime brokerage division and electronic trading platform. In 2016, Pandit founded the Orogen Group, where he currently serves as chairman and CEO of the operating company.

Early Life and Education

Vikram Pandit was born on January 14, 1957 in Nagpur, India to a wealthy family. His father, Shankar, was an executive director at Sarabhai Chemicals. Pandit attended Bishop Cotton School and Dadar Parsee Youths Assembly High School in Mumbai before moving to the United States at age 16.

He enrolled at Columbia University and earned his BS degree in electrical engineering in 1976. Pandit then obtained his MS in the same field in 1977, but later switched to economics. He went on to earn an MBA and a PhD in finance from Columbia Business School.

Early Career at Morgan Stanley

Vikram Pandit joined Morgan Stanley in 1983, making him one of the first Indians to work at the financial services corporation. He worked his way up to become managing director and head of the company’s US Equity Syndicate in 1990, and later became managing director and head of the global institutional securities division. During his time at Morgan Stanley, Pandit helped develop the prime brokerage division and electronic trading platform.

President and COO of Global Institutional Securities

In 2000, Pandit reached his highest position at Morgan Stanley when he was named president and COO of the company’s global institutional securities and investment banking operations. However, he left the company in 2005 after a 22-year career there.

Vikram Pandit’s Career at Citigroup

In 2006, Vikram Pandit co-founded Old Lane LLC, a hedge fund that was later purchased by Citigroup for $800 million in 2007. Pandit was appointed CEO of Citigroup in December of that year and earned $38.2 million in his first full year. However, due to the company’s financial struggles, he lowered his salary to $1 a year with no bonus until Citigroup returned to profitability. After two years of working on the reduced salary, his annual base was raised to $1.75 million thanks to his success in turning the company’s finances around. Pandit continued to lead Citigroup to five straight quarterly profits, becoming one of the highest-paid CEOs in the world.

Controversy Surrounding Pandit’s Departure from Citigroup

In October 2012, Vikram Pandit resigned as CEO of Citigroup. He was replaced by Michael Corbat. However, controversy arose surrounding the circumstances of his departure. Bloomberg News reported that Pandit was forced out of his position by the company board for damaging investor confidence and relations with regulators. The New York Times later revealed that chairman Michael E. O’Neill was the leader in a long, covert effort to oust Pandit. This effort resulted in Pandit’s choice of either resigning or being fired.

Post-Citigroup Ventures

Vikram Pandit, along with Hari Aiyar, purchased a 3% equity stake in JM Financial in 2013 and created a $100 million fund to invest in the company’s distressed assets. In 2016, Pandit partnered with Atairos Group to form the Orogen Group, an operating company that invests in various financial services companies with backing from Comcast Corporation.

Vikram Pandit’s Board Memberships

Vikram Pandit is a member of several boards, including Columbia University and its Business School, Trinity School, and the Indian School of Business. He also serves as the director of the Institute of International Finance. Pandit previously sat on the board of the New York City Investment Fund from 2000 to 2003.

Padma Bhushan Award for Vikram Pandit

Vikram Pandit, a naturalized US citizen and resident of the Upper West Side of Manhattan in New York City, received the Padma Bhushan award in 2008. The award is one of the most prestigious civilian honors in India and was given to Pandit for his contributions to the business industry. He is married to Swati and has two children named Maya and Rahul.

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