Citi's CEO Vikram Pandit and three deputies purchased the shares Thursday, possibly hoping to restore some long-term confidence in the bank and halt the stock's free-fall. Citigroup sunk below $9 a share earlier on reports that it might acquire
Chevy Chase Bank and its board could oust chairman
Win Bischoff. It recovered later in the day after
Citi said the bank was not searching for a new chairman.
According to the SEC filing, Pandit paid $8.4 million for 750,000 common shares at an average price of $9.25, as well as 100,000 preferred shares. Citi investment bank head John Havens bought 250,000 shares, while trading chief James Forese scooped up 200,000 and chief risk officer Brian Leach bought 100,000, according to published reports.
In the current climate, the purchases seem unlikely to stop the bleeding at Citi, which is beset by steep earnings losses, a thwarted attempt to buy Wachovia Corp. and the generally poor outlook for financial companies in the foreseeable future. -
George White
See Dealscape post on Win Bisoff
Investors may not have too much love for Citigroup Inc.'s shares at the moment, but the stock's dip to its lowest point in 12 years was enough to prompt the bank's top brass to jump in and buy 1.3 million shares Thursday. 
