Pandit Steps Down as Citigroup CEO
In a development that may please Truthdigger of the Week Sheila Bair, Vikram Pandit, the man who was in charge of the megabank Citigroup during the financial crisis, left his job abruptly and with little explanation on Tuesday.
As chair of the Federal Deposit Insurance Corp., Bair lobbied to have Pandit fired during the fallout of the crisis in the belief that he would not rein in the company’s reckless investment gambling. Pandit had earned $261 million during his six-year tenure as CEO.
— Posted by Alexander Reed Kelly.
The US investment bank said on Tuesday Pandit had stepped down as chief executive and left the company’s board with “immediate effect”.
Citi said Pandit will be replaced by Mike Corbat, the bank’s current head of Europe, the Middle East and Africa.
Pandit said it was “the right time for someone else to take the helm at Citigroup” after the bank “emerged from the financial crisis as a strong institution”.