Victor Menezes

Last updated

Victor Menezes
The Union Minister for Human Resource Development, Science & Technology, Earth Sciences and Communications and Information Technology, Shri Kapil Sibal inaugurated the Victor Menezes Convention Center at IIT, Powai (cropped) (cropped).jpg
Menezes in 2011
Born
Victor J. Menezes

(1947-05-14) 14 May 1947 (age 77)
Poona, Bombay Presidency, India
EducationDegree in electrical engineering
Alma mater
OccupationBanker
Spouse Tara Anne Fonseca
Parent Manuel Menezes (father)
Relatives Ivan Menezes (brother)

Victor J. Menezes (born 14 May 1947) is an Indian banker. [1] [2] He began his career in 1972 by joining the American financial services company Citicorp (now Citigroup) in corporate banking and went on to serve as the Senior Vice Chairman of Citigroup, working for the company for 32 years until his retirement.

Contents

Early life

He was born in Pune, India on 14 May 1947, [3] the son of Manuel Menezes, who was the chairman of the Indian Railway Board. His younger brother Ivan Menezes was CEO of Diageo. [4]

He received his degree in electrical engineering from the Indian Institute of Technology, Bombay in 1970. He received an MBA from the MIT Sloan School of Management in 1972.

Career

In 1972, he joined Citicorp in Corporate Banking. Later, he was posted in "practically every continent" – as one bio-sketch put it.[ citation needed ] He rose to the post of chief financial officer [5] in 1995. He retired from Citigroup as senior vice chairman [6] after a 32-year global career there. Currently[ when? ] he chairs the Advisory Board for Citi India. He is senior advisor of New Silk Route, an international private equity firm. [7] Menezes chairs the American India Foundation, [8] is a vice chairman of the Asia Society [9] and of Catholic Charities in New York. [10] He chairs the executive committee of the Eisenhower Fellowships. He is a board member of Educational Testing Service [11] and the MIT Corporation and is on the advisory boards of IIT, Indian School of Business (ISB), MIT Sloan and INSEAD. [3] He has a convention centre named after him at the Indian Institute of Technology Bombay known as the Victor Menezes Convention Centre (VMCC) which was inaugurated by Mr. Kapil Sibal on 8 January 2011. [12]

Menezes was the chairman of the Clearing House Association; [13] serves as a trustee of the Asia Society, the Eisenhower Fellowships and the American India Foundation. He was named chairman of the board of governors of the National Center for Asia Pacific Economic Cooperation (APEC).[ citation needed ] He was a member of Citigroup's Management Committee and Business Heads Committee. The IIT Bombay calls Menezes its "product" who reached the highest levels of banking and finance.

The Securities and Exchange Commission alleged 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 alleged 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. The final judgment required 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. [14] [15] [16] [17] [18]

Related Research Articles

<span class="mw-page-title-main">IIT Bombay</span> Research Institute in Mumbai, Maharashtra, India

The Indian Institute of Technology Bombay is a public research university and technical institute in Mumbai, Maharashtra, India.

<span class="mw-page-title-main">Citigroup</span> American multinational investment bank and financial services corporation

Citigroup Inc. or Citi is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers; Travelers was spun off from the company in 2002.

<span class="mw-page-title-main">Citibank</span> American banking company

Citibank, N.A. is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation. Citibank was founded in 1812 as City Bank of New York, and later became First National City Bank of New York. The bank has branches in 19 countries. The U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.

<span class="mw-page-title-main">Nandan Nilekani</span> Indian businessman

Nandan Mohanrao Nilekani is an Indian entrepreneur. He co-founded Infosys and is the non-executive chairman of Infosys replacing R Seshasayee and Ravi Venkatesan, who were the co-chairs of the board, on 24 August 2017. After the exit of Vishal Sikka, Nilekani was appointed as non-executive chairman of the board effective 24 August 2017. He was the chairman of the Unique Identification Authority of India (UIDAI). After a successful career at Infosys, he headed the Government of India's technology committee, TAGUP. He is a member of Indian National Congress but not active in politics as of 2019.

John Shepard Reed is the former chairman of the New York Stock Exchange. He previously served as chairman and CEO of Citicorp, Citibank, and post-merger, Citigroup. He is the past chairman of the Massachusetts Institute of Technology's board of trustees.

<span class="mw-page-title-main">Ratan Tata</span> Indian industrialist and philanthropist

Ratan Naval Tata was an Indian industrialist and philanthropist. He served as the chairman of Tata Group and Tata Sons from 1991 to 2012 and he held the position of interim chairman from October 2016 to February 2017. In 2000, he received the Padma Bhushan, the third highest civilian honor in India, followed by the Padma Vibhushan, the country's second highest civilian honor, in 2008.

<span class="mw-page-title-main">Jairam Ramesh</span> Indian politician

Jairam Ramesh is an Indian politician belonging to INC. He is a Member of Parliament representing Karnataka state in the Rajya Sabha. In July 2011, Jairam was elevated to the Union Council of Ministers of India and appointed Minister of Rural Development and Minister of the new Ministry of Drinking Water and Sanitation. However, in the cabinet reshuffle in October 2012, he was divested of the portfolio of Ministry of Drinking Water and Sanitation. He was previously the Indian Minister of State at the Ministry of Environment and Forests from May 2009 to July 2011.

<span class="mw-page-title-main">Rajat Gupta</span> Indian-American business executive (born 1948)

Rajat Kumar Gupta is an Indian-American business executive who, as CEO, was the first foreign-born managing director of management consultancy firm McKinsey & Company from 1994 to 2003. In 2012, he was convicted of insider trading and spent two years in prison. Gupta was a board member of corporations including Goldman Sachs, Procter & Gamble and American Airlines, as well as an advisor to non-profit organizations such as the Bill & Melinda Gates Foundation and The Global Fund to Fight AIDS, Tuberculosis and Malaria. He is the co-founder of the Indian School of Business, American India Foundation, New Silk Route and Scandent Solutions.

<span class="mw-page-title-main">Oracle Financial Services Software</span> Subsidiary of Oracle Corporation

Oracle Financial Services Software Limited (OFSS) is an Indian subsidiary of Oracle Corporation which is involved in financial and insurance technology. Established in 1990, the company was known as i-flex Solutions until 2008, two years after its acquisition by Oracle. It is headquartered in Mumbai.

St. Columba's School in Delhi, India, established in 1941, is one of the 12,000 English medium schools of its kind established by the Indian Province of the Congregation of Christian Brothers, which was founded by Edmund Ignatius Rice. The school's campus is located in the heart of Delhi and extends over a couple of acres. St. Columba's School alumni include three Rhodes Scholars, a Pulitzer Prize winner, and a Forbes 30 Under 30 awardee. Students are referred to as Columbans. The school admits only boys.

<span class="mw-page-title-main">Vikram Pandit</span> Indian-born American banker

Vikram Shankar Pandit is an Indian-American banker and investor who was the chief executive officer of Citigroup from December 2007 to 16 October 2012 and is the current chairman and chief executive officer of The Orogen Group.

<span class="mw-page-title-main">ING Vysya Bank</span> Indian bank

ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance and shareholding arrangement with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.

<span class="mw-page-title-main">Citibank India</span> Indian private sector bank headquartered in Mumbai, Maharashtra

Citibank India was the division of Citigroup that operated in India. In March 2023, the division was sold to Axis Bank.

<span class="mw-page-title-main">Indian Institutes of Technology</span> Public technical universities in India

The Indian Institutes of Technology (IITs) are a network of engineering and technology institutions in India. Established in 1950, they are under the purview of the Ministry of Education of the Indian Government and are governed by the Institutes of Technology Act, 1961. The Act refers to them as Institutes of National Importance and lays down their powers, duties, and framework for governance as the country's premier institutions in the field of technology. 23 IITs currently fall under the tenor of this act. Each IIT operates autonomously and is linked to others through a common council called the IIT Council, which oversees their administration. The Minister of Education of India is the ex officio chairperson of the IIT Council. According to data obtained through Right to Information (RTI) applications, approximately 38% of Indian Institute of Technology (IIT) graduates from the class of 2024 have not secured job placements. This is the highest percentage in the past three years, with a steady increase from 19% in 2021 and 21% in 2022.

Anil Kumar is an Indian-American former senior partner and director at management consulting firm McKinsey & Company, where he co-founded McKinsey's offices in Silicon Valley and India and created its Internet practice among others. Kumar is additionally the co-founder of the Indian School of Business with Rajat Gupta and the creator of two different kinds of outsourcing. He graduated from IIT Bombay in India, Imperial College in the UK, and The Wharton School in the US.

Jaithirth "Jerry" Rao is an Indian businessman and entrepreneur. He is the founder and former CEO of the software company Mphasis. He is the founder of Value and Budget Housing Corporation (VBHC), an affordable housing venture which he founded in 2008. He was also a founder and director of Home First Finance Company, a Housing Finance company focused on providing housing finance to first time home buyers. He was also a member of the editorial advisory board of the Swarajya magazine.

<span class="mw-page-title-main">Sumant Sinha</span> Indian businessman

Sumant Sinha is an Indian businessman. He is the Founder, Chairman and CEO of ReNew, a renewable energy company and the first Indian renewable energy company to list on Nasdaq. A first-generation entrepreneur, Sumant founded ReNew in 2011.

<span class="mw-page-title-main">Rajeev Kakar</span> India banker

Rajeev Kakar is an Indian banker, serial business founder and entrepreneur. He currently serves as an Independent Non-Executive Director at Commercial International Bank, Egypt; Gulf International Bank, Bahrain and KSA; Eurobank Ergasias SA, Greece and Satin Creditcare Network, India. He also serves, since 2009, as a member of the Global Advisory Board of the prestigious University of Chicago, Booth School of Business, and also as a Member of the Industry Advisory Board of the SP Jain School of Global Management since 2011. As a Board Member at Eurobank, Rajeev also serves as the Chairman of the Board Remuneration Committee and Vice Chairman of the Board Risk Committee.

JM Financial (JMFL) is an Indian financial services group headquartered in Mumbai and has branches across India. It also has overseas branches in Ebene, Singapore, New Jersey and Dubai although almost all the group's business are domestic operations in India.

References

  1. ↑ "IIT-Bombay gets $3 million gift". Hindustan Times . 5 January 2011. Archived from the original on 10 January 2011. Retrieved 21 January 2011.
  2. ↑ Vaz, J. Clement (1997). Profiles of Eminent Goans, Past and Present. Concept Publishing Company. ISBN   978-81-7022-619-2.
  3. 1 2 "Global Banker". Business India, Issues 687-693. A. H. Advani. 2004. pp. 121–. Retrieved 10 June 2011.
  4. ↑ "Indian to head world's top liquor co". Times of India. Archived from the original on 22 April 2014. Retrieved 6 February 2015.
  5. ↑ Weill, Sandy; Kraushaar, Judah S. (9 October 2006). The real deal: my life in business and philanthropy. Hachette Digital, Inc. pp. 225–. ISBN   978-0-446-57814-1 . Retrieved 10 June 2011.
  6. ↑ The best 143 business schools. The Princeton Review. 21 September 2004. pp. 390–. ISBN   978-0-375-76418-9 . Retrieved 10 June 2011.
  7. ↑ Primack, Dan (1 March 2011). "Alleged inside trader is more than a "consultant" and ex-Goldman director". CNN Money . Retrieved 10 June 2011.
  8. ↑ Kamdar, Mira (2007). Planet India: how the fastest-growing democracy is transforming America and the world. Simon and Schuster. pp. 24–. ISBN   978-0-7432-9685-4 . Retrieved 10 June 2011.
  9. ↑ A passion for Asia: the Rockefeller legacy: a publication in celebration of the 50th anniversary of the Asia Society. Asia Society. 2006. pp. 224–. ISBN   978-0-87848-103-3 . Retrieved 10 June 2011.
  10. ↑ "Catholic Charities NY: Board of Trustees". Catholic Charities . Retrieved 10 June 2011.
  11. ↑ "EDUCATIONAL TESTING SERVICE, INC". Arizona Corporation Commission. Retrieved 10 June 2011.
  12. ↑ "Alumnus gifts $3m to IIT-B to set up convention centre". The Times of India . 5 January 2011. Archived from the original on 20 August 2012. Retrieved 10 June 2011.
  13. ↑ "The Clearing House elects Wachovia CEO as chairman of board of directors". Finextra. 7 April 2004. Retrieved 10 June 2011.
  14. ↑ "Victor J. Menezes: Lit. Rel. No. 19549 / January 31, 2006". www.sec.gov. Retrieved 3 October 2017.
  15. ↑ "Ex-Citigroup Executive Settles SEC Civil Charges". The Washington Post .
  16. ↑ "Menezes, SEC settle at $2.68 million".
  17. ↑ "SEC Settles with Citigroup Vet Menezes". Forbes .
  18. ↑ "Archives". Los Angeles Times .
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.