Was Vikram Pandit forced to step down from Citi?

Citigroup's India-born chief Vikram Pandit, who has made a sudden exit, was forced to leave the banking behemoth following differences with the board over strategy and overall business performance, media reports said.

hidden December 20, 2014 12:52:20 IST
Was Vikram Pandit forced to step down from Citi?

Citigroup's India-born chief Vikram Pandit, who has made a sudden exit, was forced to leave the banking behemoth following differences with the board over strategy and overall business performance, media reports said.

Pandit, who steered the crisis-hit Citigroup into profitability, resigned abruptly on Tuesday-a development that took the Wall Street by surprise. According to media reports, Pandit's exit came in the wake of differences with the board.

Was Vikram Pandit forced to step down from Citi

Reuters

"Pandit's resignation came after a series of missteps this year left some directors feeling that the company wasn't being managed effectively and that the board wasn't kept adequately informed," the Wall Street Journal said quoting sources.

In a similar tone, the Financial Times said that Pandit left Citigroup after a clash with the board over a series of recent missteps by the bank.

Citing sources, FT said the underlying issues behind Pandit's exit include "Citi's failure to pass Federal Reserve stress tests earlier this year, a defeat on a 'say-on-pay' vote by shareholders and the handling of the sale of the bank's stake in Smith Barney, the retail brokerage, to Morgan Stanley."

In an abrupt exit, Pandit resigned after nearly a five-year tenure during which he steered the third-biggest US bank through difficult years after the 2008 financial crisis. "The action raises questions about whether the sprawling Citigroup empire ultimately will be dramatically pared back or broken up, something Pandit opposed," the WSJ said.

PTI

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Tokyo Olympics 2020 CEO Toshiro Muto suggests Japan may relax entry rules for athletes
Sports

Tokyo Olympics 2020 CEO Toshiro Muto suggests Japan may relax entry rules for athletes

IOC, Tokyo city and national government officials, and members of the organising committee are holding virtual meetings on Thursday and Friday focused on finding ways to hold the delayed Olympics during a pandemic.

Tokyo Olympics 2020: IOC, organisers to convince sponsors Games will really happen next year
Sports

Tokyo Olympics 2020: IOC, organisers to convince sponsors Games will really happen next year

Surveys have shown a majority of Japanese companies and the pubic don't think the Olympics will happen next year — or should happen.

Facebook announces partnership with Ray-Ban to launch AR smart glasses, to debut in 2021
News & Analysis

Facebook announces partnership with Ray-Ban to launch AR smart glasses, to debut in 2021

Facebook will be starting to test the smart glasses in the real world with company employees and contractors to better areas like privacy, video recordings and design.