Citi Chief Pandit Steps Down Amid Long-Term Bank Struggles

Law360, New York (October 16, 2012, 1:09 PM EDT) -- Citigroup Inc. CEO Vikram Pandit has resigned effective immediately, the bank said Tuesday, capping a nearly five-year tenure in which he struggled to guide the firm through the 2008 financial crisis and recently faced a shareholder rebuke over his pay.

In an abrupt statement, the bank said its board had voted unanimously to replace Pandit with Michael Corbat, formerly Citi’s CEO of operations in Europe, the Middle East and Africa.

“[Citi] is well-positioned for continued profitability and growth, having refocused the franchise on the basics of...
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