It's time for Vikram Pandit to deliver: Alwaleed

NEW YORK: Saudi investor Prince Alwaleed bin Talal told Citigroup chief executive officer Vikram Pandit that his ‘honeymoon is over’ after two years in the top job, according to an interview on Fox Business News. “I told him, very openly, that 2010 is the year for him to make it,” Alwaleed said Thursday, according to a transcript provided by Fox Business News. The interview was also posted on the channel’s website.

“I told him that clearly the market gave you two years leeway, but I think now it’s time to deliver.”

Citigroup spokesman Stephen Cohen declined to comment. The New York-based bank’s shares tumbled 89% during Pandit’s first two full years in the job. Pandit, who turned 53 Thursday, took over in December 2007 following the ouster of Charles O ‘Chuck’ Prince.

The US company plans to limit cash bonuses at less than $100,000 to curb public ire about compensation for bankers, the Financial Times reported Friday, citing people familiar with the situation.



Earlier this month, Alwaleed transferred 180 million Citigroup shares from his personal account to the investment company he controls, Kingdom Holding. In the interview, Alwaleed said Pandit has “been executing very meticulously” since he took the helm at Citigroup.

“All his promises were delivered on time,” Alwaleed said. “It’s the first time in era of Citibank whereby a promise is being fulfiled in the cost-cutting area.”

Alwaleed said he discussed with Pandit and Citigroup chairman Richard Parsons a proposal Thursday by President Barack Obama to recoup taxpayer losses on financial-industry bailout programs by assessing fees on large banks. “They are definitely against it,” Alwaleed said.