Tuesday, October 16, 2012

Citigroup Replaces CEO Pandit With Michael Corbat

Citigroup's CEO Vikram Pandit was replaced by Michael Corbat. 

Interestingly Citigroup share is up 0.92% currently at $37.

New CEO, Michael Corbat, said he may make shake up the firm’s operations. Vikram Pandit, who led the bank through a U.S. bailout, made a fortune by reaping $261 million for himself. Along with Pandit, John P. Havens also resigned from President and Chief Operating Officer. 

It looks removing a team that led Citigroup out of 2008’s global credit crisis.

Complete story from Bloomberg [here].

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