Citigroup's Sale of Phibro: Ending the US$ 100 Million Pay Controversy |
ICMR HOME | Case Studies Collection » Business Ethics Case Studies Please note: This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source. |
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ExcerptsBackground Note
The US$ 100 Million Compensation ControversyThe economic crisis in the US adversely affected Citigroup, resulting in huge losses for the company. In November 2007, after it had to write down US$ 11 billion in sub-prime mortgage assets, CEO Charles O. Prince resigned. In December 2007, Vikram Pandit (Pandit) was made the new CEO of the company... The DivestitureCitigroup considered several options to deal with the problem, including spinning off Phibro as a separate business to distance itself from the controversy. It also considered opening Phibro - which till then had only been investing Citigroup's capital -- to outside investors... |
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