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Encyclopedia > Victor Menezes

Victor J. Menezes (May 14, 1949 - ) is an engineer and banker, who acts as a top official in international financial organizations. He is originally from India and received his degree in electrical engineering from the Indian Institute of Technology, Bombay in 1970. He received a Master's degree in Management (M.B.A.) from the MIT Sloan School of Management in 1972. In the same year, he joined Citicorp in Corporate Banking. Later, he was posted in "practically every continent" -- as one bio-sketch put it. Displaying exemplary banking skills throughout, he rose to the post of Chief Financial Officer in 1995. May 14 is the 134th day of the year in the Gregorian Calendar (135th in leap years). ... Year 1949 (MCMXLIX) was a common year starting on Saturday (the link is to a full 1949 calendar). ... For the Technical Symposium of NITK Surathkal Engineer , see Engineer (Technical Fest). ... For other uses, see Bank (disambiguation). ... Electrical Engineers design power systems… … and complex electronic circuits. ... The Indian Institute of Technology, Bombay, popularly known as IIT Bombay, or simply IIT-B, is an autonomous, co-educational university located in Powai, in north central Mumbai. ... The MIT Sloan School of Management is one of the five schools of the Massachusetts Institute of Technology, located in Cambridge, Massachusetts, USA. It is one of the worlds leading business schools, conducting research and teaching in finance, entrepreneurship, marketing, strategic management, economics, organizational behavior, operations management, supply chain... Citibank was founded in 1812 as City Bank of New York. ...


Menezes is the Chairman of the Clearing House Association; serves as a trustee of the Asia Society, the Eisenhower Fellowships and the American India Foundation. He was recently named Chairman of the Board of Governors of the National Center for Asia Pacific Economic Cooperation (APEC). Menezes is also a member of the Advisory Board of INSEAD. Menezes has been Senior Vice Chairman of Citigroup and was a member of Citigroup’s Management Committee and Business Heads Committee. A 2003 profile of Menezes, by the IIT Bombay Alumni Association of Greater New York, notes that he has earlier been Chairman and CEO of Citibank and headed Citigroup’s Emerging Markets business. Today, the IIT Bombay calls Menezes its "product" who reached the highest levels of banking and finance. Citigroup Inc. ...


Menezes is believed to have played a key role in crafting a $3 billion write-off in Latin American debt in 1987. This helped open the way for Latin American countries to access capital markets while clearing "an ugly mess from the bank's books".


Business philosophy

In August 2001, while attending the convocation of the Indian Institute of Technology, Bombay as chief guest, Menezes told the graduates in a convocation address: "The combination of rigorous thinking, hard work and fundamentals is what you have got from this great institution, and they will be the building blocks in whatever ...career you may choose".


In his view, the globalization of people, technology, finance, consumer products, ideas, etc, is here to stay. But, Menezes went on to argue that the free flow of capital and products and ideas and people is probably the single biggest engine of growth the world possesses and can drive millions out of poverty.


He has said: "Technologies come and go. Much of what you learnt may change five years from now. But, the fundamentals remain. It is clear from all the rubble in Silicon Valley that those people who focussed on core and fundamental technologies prospered, and those caught up in the dot.com marketing phase got burnt up."


Media statements

Internet site asianindians.com says: "Citi-slicker Victor Menezes (is) one of the earliest Indians to have made their mark in global finance." It goes on to lavish gushing praise and call him "the banker beyond compare".


In 1998, The Wall Street Journal staff reporter Matt Murray commented: "Victor J. Menezes is the rarest of corporate creatures: a Citicorp survivor. A 26-year veteran of that company and its notoriously brutal corporate culture, Mr. Menezes (has just been) handed a tough new job as co-head of the global-investment and corporate bank, with Michael A. Carpenter, at the recently formed Citigroup Inc." The Wall Street Journal is an influential international daily newspaper published in New York City, New York with an average daily circulation of 1,800,607 (2002). ...


Insider Trading Scandal

The Securities and Exchange Commission filed a settled enforcement action on January 31, 2006 in the U.S. District Court for the Southern District of New York against Victor J. Menezes alleging insider trading in the stock of Citigroup Inc. Prior to his retirement from Citigroup in December 2004, Menezes held various senior positions at the company, including Senior Vice Chairman of Citigroup, CEO of Citigroup's Emerging Markets division, and Chairman and CEO of Citibank, N.A.


The Commission alleges in its complaint that on March 28, 2002, as part of a cashless exercise transaction, Menezes exercised 825,960 Citigroup stock options and sold 597,000 of the resulting shares at a price of $49.99 per share to cover the taxes and costs of the option exercise. As part of the transaction, Menezes retained 228,960 shares. The complaint alleges that, at the time of this transaction, Menezes was in possession of material, nonpublic information regarding Citigroup's plan to report first quarter 2002 losses totaling hundreds of millions of dollars related to the company's Argentine operations, which Menezes supervised. According to the complaint, Menezes was also aware that Citigroup would miss consensus earnings estimates for the quarter.


On April 15, 2002, Citigroup issued a press release announcing its first quarter earnings, including significant losses in its Argentine operations. As a result of these losses, Citigroup missed consensus earnings estimates for the quarter by $.04 per share. Citigroup's stock price closed on April 15 at $45.92, down $1.18 from the previous day's close, and $4.07 lower than the stock price on March 28, when Menezes traded. By selling Citigroup stock before the company's April 15 earnings announcement, Menezes avoided losses of more than $1.5 million.


To settle the Commission's charges, without admitting or denying the allegations in the complaint, Menezes has consented to the entry of a final judgment permanently enjoining him from committing future violations of Section 17(a) of the Securities Act of 1933. The final judgment also requires Menezes to pay $1,567,557 of disgorgement, pre-judgment interest of $328,822.77 and a $783,778 civil penalty, for a total payment of $2,680,157.77.


  Results from FactBites:
 
Victor Menezes - Wikipedia, the free encyclopedia (591 words)
Victor J. Menezes (May 14, 1949 -) is an engineer and banker, who acts as a top official in international financial organizations.
Menezes is the Chairman of the Clearing House Association; serves as a trustee of the Asia Society, the Eisenhower Fellowships and the American India Foundation.
Menezes is believed to have played a key role in crafting a $3 billion write-off in Latin American debt in 1987.
Victor Menezes (421 words)
Menezes is Senior Vice Chairman of Citigroup and is a member of Citigroup’s Management Committee and Business Heads Committee.
Menezes previously served as Chairman and CEO of Citibank and was head of Citigroup’s Emerging Markets business.
Menezes then became President of Citibank and co-CEO of the Global Corporate and Investment Bank, responsible for Citigroup’s services to corporate customers and integrating the activities of Salomon Smith Barney and Citibank’s Corporate Bank.
  More results at FactBites »

 
 

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