“Saudi billionaire Prince Alwaleed bin Talal, who has a stake in Citigroup, said on Monday the U.S. bank has great potential under new management following the departure of Vikram Pandit as chief executive,” Reuters reports.
“Alwaleed, speaking at a conference, said Pandit had done ‘a pretty good job’ at Citigroup over the past several years and investors would need two to three years to see the results of the new management,” Reuters reports. “He also said he would stick with his investment in Apple Inc. ‘In the next year or two we still want to be living with the legacy of Steve Jobs,’ said Alwaleed, referring to Apple’s co-founder and former chief executive who died last year.”
Reuters reports, “Alwaleed a nephew of Saudi Arabia’s king, was estimated by Forbes magazine last year to have a fortune of over $19 billion.”
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