Vikram Pandit exits Citigroup CEO job

Vikram Pandit, CEO of Citigroup, is leaving his job with immediate effect, the company’s board has announced.

Pandit (pictured) will be replaced by Michael Corbat, who perviously was Citigroup’s CEO of  Europe, Middle East and Africa.

The company also announced that its COO, John Havens, who also acted as CEO of Citi’s Institutional Clients Group, has resigned. Citigroup did not name a replacement in its statement today.

Yesterday, Citi reported that it made group net income of $468m, down from $3.8 billion in same period last year, as the company struggled with ongoing losses linked to its credit valuation adjustment and debit valuation adjustment figures (CVA/DVA). These costs are linked to derivatives positions taken by the bank in the past, and which it has been trying to remove from the balance sheet.

 

 

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