Oh, it's dog-eat-dog on Wall Street. Jamie Dimon's seat at White House state dinners is barely cold (his bromance with Obama sadly over), and Citi CEO Vikram Pandit, the $1-a-year man, appears to be making a bid for it.
Speaking about financial reform and the proposed changes in derivatives rules, Pandit told CNBC last week: 'I don't think we should look at the shorter-term impact of some of these rules. The longer-term benefit to us all (is) a safer system. People really trusting derivatives is a good thing'.
With his sights clearly set on the top table, Citi's CEO also remarked that financial reform is the right thing to do, 'because banks should get back to supporting the real economy, making loans, helping people save, helping people invest'.
Finally, Dow Jones Newswires reports that Pandit told a group of reporters at a conference in Moscow last week that 'there are still uncertainties in the market, (and) we know there is volatility, but I do believe that all elements are in place for continued profitability.....We have done a lot of hard work at Citi. We have reduced a lot of our assets, we have reduced a lot of our risks. Our first-quarter profits are a result of all that hard work'.