Effective immediately, Vikram Pandit is stepping down as chief executive officer of Citigroup (NYSE:C). Michael Corbat, former Europe, Middle East, and Africa boss, has been elected and named CEO in his place.
Pandit leaves the bank followed by praise for his service. “Since his appointment at the start of the financial crisis until the present time, Vikram has restructured and recapitalized the Company, strengthened our global franchise and re-focused the business,” said chairman of the Citigroup board of directors Michael E. O’Neill in a press release. “The Board and I are grateful to Vikram for his leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future.”
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Pandit steps down from Citi as major U.S. banks such as JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC), and Wells Fargo (NYSE:WFC) shuffle executives and deal with litigation in the wake of the financial crisis.
O’Neill introduced Corbat in the release by saying, “Mike is a proven, hands-on leader who is known for his focus on enhancing productivity, holding people accountable and practicing sound risk management.”
Citigroup closed up over 5 percent on Monday after beating earnings estimates and finished Tuesday up 1.61 percent following Pandit’s departure news.
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