Boston, MA 11/26/2013 (wallstreetpr) – A long-servicing executive at Citigroup Inc (NYSE:C) has been tapped to lead the Standard & Poor’s rating services unit. Neeraj Sahai takes over from Douglas Peterson. He joined C in 1984 working in various capacities at the U.S. third largest bank in asset base. He was at one point the bank’s chief financial officer for global transactions, then head of audit and risk review. Lately he was the head of securities and funds at Citi.
Mr. Sahai is a graduate of the University of Delhi. He holds an MBA from Clarkson University, making one of the talented executives at the Citigroup Inc (NYSE:C)’s global platform and part of the team that has played an integral role in the bank’s rebound since the financial crisis. The newly named Standard & Poor ratings president is expected to erect a positive image of the rating agency given that there have been a lot of questions of late regarding the rating practice of the unit.
As it looks, Sahai is likely to have a more familiar fight at Standard & Poor rating desk as those its bank Citigroup Inc (NYSE:C) has been facing over poor mortgages. Standard & Poor is accused of inflating rates subprime mortgage bonds just before the onset of the financial crisis, a move which led to huge losses to investors in mortgage backed securities. This blunder brought to the fore concerns over the agency assigning rates favorably to win business. While these remain speculation on the agency’s practice, the real job for the new president lies in offering leadership and insight for that the agency can once again be held high among players. The agency is also in need of growth driving and sound risk control strategies. Internal frictions also require immediate ironing out so that Standard and Poor’s Rating Service can regain its glory and maintain it for the longest duration possible.
That Citigroup Inc (NYSE:C) has been able to trace its profit roots due to the input of executives such as Sahai makes it possible to believe that S&P rating agency will also have the image turnaround which it so earnestly needs.
