Clearly, there have been more successful stints as chief executive. Citigroup’s share price is down just shy of 90% from Dec. 10, 2007, the day before Pandit was officially given the top job at the bank. The market capitalization of the stock doesn’t look quite so bad; it’s down only some 38% over the same period. Still, that equates to a vaporization of about $64 billion in shareholder value. The only reason the the decline in value of the company wasn’t a lot worse was because the US government had to bail the bank out by injecting taxpayer cash.
By Ritchie King & Matt Phillips
This article is more than 2 years old.