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Alwaleed says Pandit Must Deliver - Fox Business - ASHARQ AL-AWSAT English Archive
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NEW YORK,(Reuters) – Saudi billionaire Prince Alwaleed bin Talal, a major Citigroup shareholder, told Fox Business Network that the bank’s Chief Executive Vikram Pandit must deliver in 2010.

Alwaleed said that 2010 is a make-or-break year for the CEO.

“It’s very important for the shareholders that have been very patient with Citibank that the honeymoon is over now,” Alwaleed said.

“Two years is enough and I think he will deliver in 2010,” he added.

Citigroup spokesman Jon Diat declined to comment.

Alwaleed grew impatient with Citigroup Chief Executive Chuck Prince in 2006, complaining about the fact that the bank’s costs were rising faster than its revenue.

“We have to take draconian, and I say draconian, measures to control the costs,” Alwaleed told Reuters in an interview in 2006.

“I see the 10 percent rise in revenue and I say: Thank you, Chuck Prince. But when I see the 16 percent rise in costs, I say: No thank you, Mr. Prince.”

Prince stepped down as CEO in 2007 as the bank’s writedowns mounted.

Alwaleed is head of Kingdom Holding.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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