Pandit Or Lewis: Who's In The 'Hotter' Seat?

A massive reshuffling in the stratosphere of Citi management has left many traders wondering if CEO Vikram Pandit’s days are numbered.

On Thursday the banking giant announced its biggest management shake-up since the financial crisis began, replacing its CFO and installing a new chief of the Citibank unit.

The changes come as Chief Executive Vikram Pandit faces heavy pressure to improve performance after receiving $45 billion in aid from the government and posting $36 billion in losses in the six quarters ended March 31.

Several analysts called the management changes encouraging, though it is unclear what they signify about Pandit's job status and the government's role in running the bank. "I am still waiting for them to find someone for the CEO slot who has actually run a bank," says Institutional Risk Analytics' Christopher Whalen.

Meanwhile, Bank of America CEO Ken Lewis also found himself thrust back into the spotlight after lawmakers slammed former Treasury Secretary Henry Paulson over his role in Bank of America's merger with Merrill Lynch.

Paulson acknowledged that he told Ken Lewis the bank's management and board could lose their jobs if the company backed away from the merger.

But the former Treasury chief said he had done nothing inappropriate in warning Lewis that such a move would be a colossal blunder that authorities might have to react to it.

So which CEO is in jeopardy?

I believe Lewis is more on the hot-seat right now then Pandit, speculates CNBC's Charlie Gasparino. Bank of America is a huge company and the feds are worried.


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