Pramit Jhaveri, the former CEO of Citi India, has taken an early retirement after spending close to four decades at the bank in various capacities.
Jhaveri joined the Wall Street major as a Management Associate in 1987, and had a steady rise to become Vice-Chairman of banking, capital markets and advisory for Asia Pacific earlier this year. His retirement was announced by the Citi Asia Pacific Chief Executive Peter Babej over email to the employees.
According to an anonymous source reported in media, Jhaveri has decided to retire from Citi. “During his tenure, he built a strong team and established Citi as a market leader in the country.”
Under his helm, the bank's domestic assets almost doubled (95.48 percent to be precise) between FY10 and FY19, to Rs 1.86 lakh crore, while gross non-performing assets improved massively to 1.37 percent in March 2019 from 3.43 percent in March 2010. The net profit also grown by 386 percent in the same period, when a majority of domestic banks were passing through a tumultuous period.
Early on in his CEO stint, the bank faced a fraud in the Gurgaon branch where a rogue relationship manager managed to hoodwink several private wealth clients. Citi compensated the affected clients.
An ardent collector of Indian art, Jhaveri has been with Citi for about 32 years. He joined Citi India in 1987 straight from the Simon School of Business campus in the US from where he completed his MBA in Finance and Economics.