Published on 16th October 2012
Vikram Pandit, who steered Citigroup through the financial crisis, stepped down abruptly Tuesday, ending five tumultuous years at the helm of what is now the USA's third-largest bank. The move came as surprise, a day after Citigroup reported earnings that, while down sharply from a year earlier, actually beat analysts's estimates. Pandit's successor as CEO is Michael Corbat, who has been CEO of Citigroup's Europe, Middle East and Africa division, the bank said. Corbat has worked at Citigroup and its predecessors since he graduated from Harvard in 1983. [USA Today]