NEW YORK — Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, surprising Wall Street, after steering the bank through 2008 financial crisis and the choppy years that followed.
Pandit’s replacement, effective immediately, is Michael Corbat, the current CEO of Citigroup’s Europe, Middle East and Africa division, the bank said. Corbat has worked at Citi and its predecessors since he graduated from Harvard in 1983, it said.
Pandit will also relinquish his seat on Citi’s board of directors. And a second top executive also resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also served as CEO of Citi’s Institutional Client Group.
The news shocked Wall Street, a day after the bank reported strong third-quarter earnings. Pandit is credited with slimming the bank by selling businesses, removing it from government ownership after a bailout in 2008 and righting its balance sheet after billions in losses on bad mortgage investments made before he took the helm.
Today, Citi is the country’s third-largest bank, with $1.9 trillion in assets, according to the Federal Reserve. It trails only JPMorgan Chase, with $2.3 trillion, and Bank of America, with $2.1 trillion.
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Hurray ! One less ah neh in the corporate world !
Am I racist ?
Pandit’s replacement, effective immediately, is Michael Corbat, the current CEO of Citigroup’s Europe, Middle East and Africa division, the bank said. Corbat has worked at Citi and its predecessors since he graduated from Harvard in 1983, it said.
Pandit will also relinquish his seat on Citi’s board of directors. And a second top executive also resigned as part of the shake-up: President and Chief Operating Officer John Havens, who also served as CEO of Citi’s Institutional Client Group.
The news shocked Wall Street, a day after the bank reported strong third-quarter earnings. Pandit is credited with slimming the bank by selling businesses, removing it from government ownership after a bailout in 2008 and righting its balance sheet after billions in losses on bad mortgage investments made before he took the helm.
Today, Citi is the country’s third-largest bank, with $1.9 trillion in assets, according to the Federal Reserve. It trails only JPMorgan Chase, with $2.3 trillion, and Bank of America, with $2.1 trillion.
______________________________________________________________________________________________________________
Hurray ! One less ah neh in the corporate world !
Am I racist ?
