• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

Citigroup boss quits in shock move

Oct 16 2012 15:39 Reuters

Vikram Pandit (AFP)

Related Articles

Wall St rallies on Citigroup's earnings

Citigroup to pay $590m for investor suit

Citigroup profits beat forecasts

Citigroup, UBS accused of rate manipulation

Citigroup data theft hits 90 000 in Japan

HTC sues Citi after share price fall

 
New York - Citigroup Chief Executive Vikram Pandit has resigned, effectively immediately, a shock change at the top of the bank just one day after surprisingly strong quarterly results.

He is also stepping down as a board member immediately.

A statement on Tuesday from Chairperson Michael O’Neill said Michael Corbat, previously chief executive for Europe, Middle East and Africa, would succeed Pandit as CEO and become a board member.

Chief Operating Officer John Havens, a long-time associate of Pandit, also resigned.

Pandit’s departure follows a series of high-profile defeats this year.

In March the Federal Reserve rejected Citigroup’s capital plans after a stress test. Pandit had led analysts and investors to believe the dividend-raising plans would be approved.

Just last month, Pandit agreed to a low sale price for his bank’s stake in the brokerage operated by Morgan Stanley.

Citigroup took a $4.7bn charge in the third quarter to write down the value of that stake.

Citigroup shares fell 2.4% to $35.77 in premarket trading Tuesday. The shares rose sharply on Monday after the bank reported quarterly results that were much better than analysts expected.

 
citigroup

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...