Vikram Pandit, the former Citigroup chief executive who was ousted in 2012, is launching a new consulting firm called TGG, WSJ reported.» Read More
NEW YORK-- In picking Michael Corbat to take over as CEO of Citigroup, the board of directors chose a low-profile veteran of the bank _ a sharp contrast to Vikram Pandit, his suddenly departed predecessor. Corbat, 52, has spent his entire career at Citigroup and its affiliated businesses.
NEW YORK-- The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank. Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one." The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."
Dan Greenhaus, BTIG, and Enis Taner, RiskReversal.com, discuss whether you should buy financials.
In this "Closing Bell" excerpt, Pimco's Bill Gross explains why he thinks stock and bond prices have both "plateaued."
Bill Gross, PIMCO, explains what the shakeup at Citi means for the overall financial sector and the market. "The financial industry is under threat here simply because the yield on their assets is moving down, and the cost of their borrowing can't move much lower," he explains.
Vikram Pandit denied that he was forced out as Citigroup's CEO, telling CNBC Tuesday that it was his decision to step down after five years at the bank and that he had been thinking about it for awhile.
CAREER: Pandit joined Morgan Stanley as an associate in 1983. Seven years later, he was named head of Morgan Stanley's U.S. stock business. In 2005 he left Morgan Stanley and a year later helped found a hedge fund, Old Lane. Citigroup bought the fund in April 2007 and fast-tracked him to replace Charles Prince as CEO in December of that year.
Jim Cramer shares his view on Vikram Pandit's sudden departure from Citigroup.
Neil Weinberg, American Banker, and CNBC's Bob Pisani, discuss what Vikram Pandit will be remembered for at Citi.
In the wake of a major leadership shift Citigroup, billionaire investor Wilbur Ross said Tuesday that banks have become “too complex to manage” and will probably return to a simpler business model.
On today's Yahoo! Finance Poll, viewers answered the question "Why do you think Citigroup CEO Vikram Pandit is leaving." CNBC's Sue Herera reports 45 percent say "something's fishy."
After five years at the helm of one of Wall Street's biggest and most challenged banks, Vikram Pandit is out as CEO, reports CNBC's Kayla Tausche. Neil Weinberg, American Banker, weighs in.
CNBC's Maria Bartiromo recounts a telephone interview she just concluded with outgoing Citigroup CEO Vikram Pandit. Contrary to reports he had been ousted by Citi's board, Pandit told Maria he made the decision because he felt it was the "right time" to go. Maria says she believes the exit was prompted by a compensation dispute.
Wilbur Ross, WL Ross & Co., offers his take on the financials in light of Vikram Pandit's departure at Citigroup. He also shares thoughts on energy.
The FMHR traders reveal their top three trades. And Wilbur Ross, WL Ross & Co., weighs in on Vikram Pandit's exit from Citigroup.
A change in Citigroup leadership provided the all-clear signal for investors, Stephen Weiss of Short Hills Capital said Tuesday on CNBC.
Byron Wien, Blackstone Advisory Partners, says Vikram took Citigroup from the brink and brought it back. "He's a very competent person; I don't know what happened here," he said.
Michael Corbat's memo to Citi.
Stephen Weiss, Short Hills Capital Partners, explains why he bought Citi on news that Vikram Pandit was stepping down as CEO. Gerard Cassidy, RBC Capital, and Timothy Ghrisky, Solaris Asset Management, also weigh in.
The following is a memo sent to Citigroup employees by departing CEO Vikram Pandit.