Citigroup Reviving Bond Underwriting Couldn’t Save Pandit
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Citigroup Inc., which last week ousted Chief Executive Officer Vikram Pandit over management missteps, is staging a comeback in corporate-bond underwriting as it helps overseas companies borrow in the U.S.
Citigroup, the top underwriter of bond sales worldwide in the decade before the 2008 financial crisis, managed 6.1 percent of sales this year through yesterday, up from 5.7 percent in 2011, according to data compiled by Bloomberg that excludes self-led deals. The New York-based lender climbed to second in rankings from fourth last year, closing in on JPMorgan Chase & Co. and relegating Bank of America Corp. to third.