Vikram Pandit quits Citigroup; Michael Corbat named successor

Vikram Pandit quits Citigroup, Michael Corbat named as New CEO of Citigroup.

Citigroup CEO Vikram Pandit stepped down from his post and member of the US banking giant’s Board.

The Board of Directors has unanimously elected Michael Corbat, CEO and a director of the Board, the Citigroup said in a statement.

The development comes a day after the bank reported 88 per cent plunge in net profit at $ 468 million in the July-September quarter.

Nagpur-born Columbia University graduate Pandit, 55, had been the CEO of Citigroup since December, 2007.

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