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Give us a chance, says Vikram Pandit

Amid reports suggesting that the Federal government could increase its stake in the company, Citigroup chief executive Vikram Pandit has asked the US to give the financial entity a chance.

india Updated: Feb 25, 2009 20:47 IST

Amid reports suggesting that the Federal government could increase its stake in the company, Citigroup chief executive Vikram Pandit has asked the US to give the financial entity a chance.

“Give us a chance to execute,” The Wall Street Journal quoted India-born Pandit as saying to a senior government official.

“In a recent phone call with the official, Pandit revealed who is on top in the new world of American finance,” the journal said.

“Don’t give up on us,” Pandit said, pleading with the official not to push out top management.

“Give us a chance to execute,” he was quoted as saying by the publication.

According to the report, Citi is in talks with federal officials about the US taking greater ownership of the bank by converting its 7.8 per cent stake of preferred shares to as much as 40 per cent of Citigroup’s common stock.

“Doing so would give the wobbling bank a desperately needed boost to its capital, but less control of its destiny,” the Wall Street Journal said.

The Federal government has already pumped in 45 billion dollars worth fresh capital into Citi apart from guaranteeing its assets to the tune of more than 300 billion dollars.