Vikram Pandit, the former chief executive of Citigroup who was ousted after losing a power struggle with the bank's chairman last year, will lead JM Financial Limited plans to set up. Global funds raised and managed by Pandit will also invest up to $200 million in the JM Group's various businesses. Pandit led Citigroup from December 2007, successfully steering the bank through the depths of the 2008 finance crisis before resigning under dramatic circumstances on October 16, 2012, as he had lost the confidence of his board.