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Citigroup’s Vikram Pandit steps down, new CEO appointed

Citigroup's Board of Directors has appointed Mike Corbat as the new CEO, following the sudden resignation of Vikram Pandit.

His appointment comes into effect immediately.

Commenting on Pundit’s abrupt step down, the board of directors chairman Michael O’Neill said, "Since his appointment at the start of the financial crisis until the present time, Vikram has restructured and recapitalized the Company, strengthened our global franchise and re-focused the business."

Corbat served as Citigroup’s CEO of Europe, Middle East and Africa since January 2012 and oversaw all of the bank’s business operations in the region, including consumer banking, corporate and investment banking, securities and trading and private banking services.

Previously, he served as the CEO of Citi Holdings, and managed the divestiture of over 40 businesses, including the IPO and sale of Citi’s remaining stake in Primerica.

He also restructured the bank’s consumer finance and retail partner cards businesses and divested more than $500bn assets, reducing risk on the company’s balance sheet and freeing up capital to invest in Citi’s core banking business.

Additional leadership roles within the group, include CEO of Citi’s Global Wealth Management unit.