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"It was my decision," Vikram Pandit tells the WSJ as he and the board - anonymously or otherwise...

"It was my decision," Vikram Pandit tells the WSJ as he and the board - anonymously or otherwise - rush to get their version out of the issues surrounding his abrupt resignation from Citigroup (C). The board has reportedly had ousting Pandit on its agenda for months, upset by setbacks such as the rejection of the bank's dividend plan and the $2.9B writedown on Smith Barney.
Comments (4)
  • VP did a reasonable job in restructuring Citi Group , but has had only mediocre success in restoring profitability and growing the business. There were also those costly mistakes.... it is difficult to fathom how he could put the bank in such a big wrIte down situation with MSSB . Also the rejection of his Capital Plan by the Feds was a slap in the face and an embarrassment to the Group. Shareholders expected better , and there were signs of serious frustration as seen by their rejection of his proposed compensation package.His leaving is not a surprise.
    16 Oct 2012, 01:06 PM Reply Like
  • VP failed the Capital Plan because he wasn't as savy at hiding losses compared to the other CEOs at JPM, BAC, and WFC. Losses like trading desk, mortgages, etc., that started coming out right after these banks were approved for dividends.
    16 Oct 2012, 01:49 PM Reply Like
  • It was never clear if Pandit was running Citigroup or Citigroup was running Pandit. His departure is good news for investors in the long term.
    16 Oct 2012, 03:10 PM Reply Like
  • Almost five years after the crisis it is time for Pandit to leave .I cannot tell if he passed the exam with credit but for sure Citi is again on the run.I hope the new ceo will lead Citi back to the top .
    16 Oct 2012, 04:21 PM Reply Like
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