Vikram Pandit, Banker of the Year

July 9, 2010 | By Jim Kim

Banker of the Year has been a dubious distinction as of late. Recall that the American Banker named Bank of America CEO Ken Lewis (Ken Lewis news) its banker of the year in 2008. That turned out to be a curse. Soon, Bank of America's Merrill Lynch woes hit the press. Lewis was ousted within a year of reaching the pinnacle of his profession.

So what to make of the news that Euromoney has named Citigroup CEO Vikram Pandit (Vikram Pandit news) its Banker of the Year. "For a man who was supposedly doomed to fail, Vikram Pandit has done a pretty good job in transforming Citigroup. Few, if any, bank chief executives have faced a tougher set of challenges over the past two years or been the subject of as much criticism. He has come through many battles, and has many more to come. But perhaps it's time to start giving Pandit some credit," the magazine says.

A lot of people indeed thought that Pandit would not last through the night. Plenty of investors and even a powerful regulator wanted him out. But against the odds, he has survived. Congrats.

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