Citigroup CEO Vikram Pandit quits, Michael Corbat is the new CEO
Moneylife Digital Team 16 October 2012

Citigroup CEO Vikram Pandit steps down with immediate effect and the Board has named Michael Corbat as his successor

Banking major Citigroup said its cheif executive Vikram Pandit has resigned and its board has named Michael Corbat as the new chief executive.


The Board namee Corbat as successor after Pandit steped down with immediate effect


Yesterday, Citigroup reported 88% plunge in net profit to $468 million in the July-September quarter due to $4.7 billion loss related to the joint venture brokerage business, Morgan Stanley Smith Barney.


Citi said excluding the loss on its brokerage unit, a one-time accounting charge and credit adjustments, the bank reported earnings of $3.27 billion in the quarter under review up from $2.57 billion same period a year ago.


The banking entity's total revenues fell by 33% from the year-ago period to $13.95 billion in third quarter of this year.

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