News of better-than-expected earnings dominated the Wall Street session yesterday. Today Citigroup remains the center of attention. Chief Executive Officer Vikram Pandit, who led the bank during the bailout costing US taxpayers $45 billion, he resigned as CEO of the group. As stated in a note from the third American bank, "the Board has appointed Michael Corbat, currently head of the division that deals with Europe, the Middle East and Africa (EMEA)" in his place.
According to Pandit, "This is the right time for another person to take the reins of Citigroup" after the bank "emerged from the financial crisis a more robust institution".
Along with Pandit, Chief Operating Officer John P. Havens also left. On Wall Street, Citigroup shares gained 0,39% to 37,05 dollars. Though it has gained 39% since the start of the year, the stock is 90% lower in value than it was when Pandit was named CEO in December 2007, when losses related to the financial crisis forced his predecessor Charles to step down. O. “Chuck” Prince.
