Vikram Pandit’s successor is rumoured to be getting groomed at Citi as we speak, whether Pandit likes it or not.
Former Citi Latin America head Manuel Medina-Mora is apparently a “rising star” within the troubled financial services empire.
According to American Banking News, some Citigroup officials are concerned of that a clash with Pandit is a question of when, not if.
Until last week, Medina-Mora was down in Latin America doing a great job managing Citigroup’s operations.
Under his management, Citigroup’s Latin American branch grew by more than 50% to about 2,300 branches, and its loan and deposit balances swelled by nearly 75%.
Their Latin American business is huge, accounting for 20% of Citigroup.
The job has made Medina-Mora one of the few Citigroup executives with the necessary retail experience to run all of Citi, which is why he’s been promoted to global consumer banking chief.
Apparently he insisted that he be allowed to run the business as he sees fit without interference from other executives (ahem, Pandit).
According to American Banking News, Vikram Pandit has no plans to relinquish his job, but when he does, there is little doubt that Medina Mora has the inside track.