Latest News:  
Beijing   Overcast/Cloudy    13 / 21 ℃  City Forecast


Citigroup CEO steps down


08:36, October 17, 2012

NEW YORK, Oct. 16 (Xinhua) -- Vikram Pandit has unexpectedly stepped down as Citigoup Inc. chief executive officer.

The bank announced Tuesday that Michael Corbat, the current CEO for Europe, Middle East and Africa, would succeed Pandit.

The news came after the bank reported Monday better-than-expected third-quarter earnings after continued improvements in its main businesses.

"Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup," Pandit said in a statement. He would also resign as a board member.

Pandit's tenure as Citigroup CEO started in December 2007, shortly before the 2008 financial crisis.

The bank's board of directors praised Pandit's "leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future."

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

With Pandit's departure, just two men who ran Wall Street banks during the financial crisis, Jamie Dimon of JPMorgan Chase and Lloyd Blankfein of Goldman Sachs, remain in their posts.

Most viewed commentaries

World News in Photo
Fight, a new solution to political issues? North Korea’s future stars rise from here Mad mud carnival in Turkey
Aircraft carriers in service around the world North Korea’s 'iPad' revealed Hug is a universal language of love


Leave your comment0 comments

  1. Name


Selections for you

  1. Nanjing MAC organizes actual-troop exercise

  2. Frontier defense regiment station on Wubalao Island

  3. Endeavour moves to final home

  4. Water level in Ganjiang River in Nanchang drops, due to recenty dry

  5. 1st high-cold-resistant train set onto tracks in China's Harbin

  6. The consuming challenge of food safety

  7. Paintings? No,they're dishes!

  8. American singer Ke$ha graces magazine cover

Most Popular


  1. China bashing: Shame on American politics
  2. Protectionism cuts both ways for US businesses
  3. Commentary: US politicians' hypocrisy
  4. Created-in-China products need promoting
  5. Greater co-op called among China, S Korea, Japan
  6. Editorial: A Boon to the Economy
  7. Upsurge of giving birth in US should cool down
  8. Pending CNOOC-Nexen deal puts West in hotseat
  9. Editorial: Endangered green growth
  10. Nobel committee should reflect on booing sounds

What’s happening in China

Cold front sweeps China, brings rain to Beijing

  1. Permanent residency could get easier
  2. 'Hukou' scam alleged over ID lawsuit
  3. Food safety workers must pass rules quiz
  4. Expressway maintenance halted after road deaths
  5. Pollutants cited in early puberty among children