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More on Citigroup (C): In addition to Pandit's departure, COO John Havens is also stepping down....

More on Citigroup (C): In addition to Pandit's departure, COO John Havens is also stepping down. The board selects Michael Corbat - who previously served as the bank's CEO of Europe, Middle East and Africa - as new Citigroup CEO. Havens had been planning to retire at year's end, but given Pandit's move, decided now was the time. (PR)
Comments (24)
  • The transition at Citigroup (C) will take time. Investors should consider exiting positions in Citigroup and buying Bank of America (BAC). BAC could potentially benefit here.
    16 Oct 2012, 08:39 AM Reply Like
  • What? Give up 4 cent dividend for a BAC penny divvy?
    That Porsche is starting to pull away from me :(
    16 Oct 2012, 10:49 PM Reply Like
  • Doesn't this smell like a financial scandal about to be revealed?


    Seems like odd timing, the day after the earnings release. Usually a red flag when done so abruptly.
    16 Oct 2012, 08:55 AM Reply Like
  • Hard to say. But I agree Galt, it's odd. Citi's stock will take a hit.
    16 Oct 2012, 09:02 AM Reply Like
  • Notice the panicky market reaction. Shares green.
    16 Oct 2012, 09:54 AM Reply Like
  • Thanks for making me some coin before the split, Vikram!
    16 Oct 2012, 08:59 AM Reply Like
  • As one wanting to buy C recently I am no longer interested. Here is why?


    First Vikram did bring C back from the dead and deserves credit. However looking forward C is an international bank more than any of the others and we are in a period of world financial troubles. Vikram has no international banking experience and we are in or appear to be entering a time where much money could be at stake with international banking.


    Risks of buying C are that international risks could be higher than is generally recognized already. I also note that Sheila Bair is no fan of Vikram and the sense I get is that Feds had frustrations in dealing with him during the crisis.
    16 Oct 2012, 10:39 AM Reply Like
    16 Oct 2012, 10:44 AM Reply Like
  • js:


    Vikram is leaving, so what difference does it make, looking forward, what experience he has? It's worth noting that, overall, Citibank has more operations, branches and collective experience, internationally, than any of the other U.S. money-center banks.
    16 Oct 2012, 11:46 AM Reply Like
  • TACK


    You seem to have no problem with any of this...Wonder if that asteroid hit you on the
    16 Oct 2012, 11:58 PM Reply Like
  • IT:


    No, I'm more interested in making money than in the conspiracy theory du jour. While so many here on SA play their financial and political version of the game Clue, the market is voting somewhat differently.
    17 Oct 2012, 10:38 AM Reply Like
  • TACK


    We will see about that soon...I also like making money and knew in an Election year the market would stay up. But check out the 10 year chart on gold and i dare you to show me a better one, excluding Apple.


    I AM TAKING PROFITS AS WE SPEAK...but not on my metals.!


    Best of luck to you..
    17 Oct 2012, 12:28 PM Reply Like
  • Sounds Pandit missed the refi boom

    16 Oct 2012, 10:48 AM Reply Like
  • he was busy cleaning up after chuck prince!
    16 Oct 2012, 11:18 AM Reply Like
  • The refi boom is nothing that cannot be corrected in a quarter. When two C level employees leave at once there must be a deeper problem.
    16 Oct 2012, 11:07 AM Reply Like
  • ...or a power play by the Board and #2 being passed over?
    16 Oct 2012, 11:30 AM Reply Like
  • Boards don't act like that unless there is good reason.
    16 Oct 2012, 11:35 AM Reply Like
  • Usually, true, but Board members do have egos and money. Plz just consider my post a "what if"
    16 Oct 2012, 12:04 PM Reply Like
  • The fact this generational group of CEO's got bailed out and then walk away with millions of dollars is just incomprehensible. The list is ridiculous: Weill, Fuld, Prince, Pandit, Rubin, etc. Clawbacks would make my day, but nobody has the gumption. Gone money and now the rest of us who played by the rules and did not siphon millions is left to pay for the scam and have no future in a torn industry.
    16 Oct 2012, 01:05 PM Reply Like
  • Good riddens! Pandit was never cut out to run a large complex and far flung operation like Citi. Now it's time to go long.
    16 Oct 2012, 01:44 PM Reply Like
  • This is just the start of bank heads rolling. With Fiat money almost dead if you don't want to play by the feds rules they WILL get you kicked out.


    Well see a movie about all of this back behind the scenes politics soon. In fact if you want a preview watch on HBO TOO BIG TO FAIL!!


    Great movie for those who want to see what really happened a few years ago.


    16 Oct 2012, 01:56 PM Reply Like
  • this smells alot like fed regulators heavy hand
    16 Oct 2012, 06:11 PM Reply Like
  • Yup...The games are starting, those who would possibly spill the beans about the counties finances are kicked out. Amazing, buy not unexpected with this POTUS...Socialist that he is !!!
    16 Oct 2012, 07:26 PM Reply Like
  • The only thing missing from the conspiracy theories here are some spaceships and a couple of comets.
    16 Oct 2012, 07:55 PM Reply Like
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