Vikram Pandit Steps Down as Citigroup CEO - 8 News NOW

Vikram Pandit Steps Down as Citigroup CEO

Posted: Updated:
  • BusinessMore>>

  • David Letterman's departure will reshape late-night TV in 2015

    David Letterman's departure will reshape late-night

    Saturday, April 5 2014 1:30 AM EDT2014-04-05 05:30:18 GMT
    NEW YORK -- David Letterman is expected to announce his retirement from CBS next year on Thursday evening's show, according to multiple sources. "The Late Show with David Letterman" airs at 11:35 p.m.More>>
    Jimmy Fallon's fast start replacing Jay Leno on the "Tonight" show the past two months had a secondary effect: David Letterman suddenly seemed old. Letterman said he is retiring next year.
    More>>
  • Nevada Approves Tax Credit for Mall Cop 2

    Nevada Approves Tax Credit for Mall Cop 2

    Monday, March 17 2014 2:03 PM EDT2014-03-17 18:03:39 GMT
    CARSON CITY, Nev. (AP) -- Nevada's economic director has approved $4.3 million in transferrable film tax credits for the production of "Mall Cop: Blart 2" in Las Vegas. Sony Pictures plans to shoot theMore>>
    Nevada's economic director has approved $4.3 million in transferrable film tax credits for the production of "Mall Cop: Blart 2" in Las Vegas.More>>
  • Dozen With Local Ties Make Forbes Billionaires List

    Dozen With Local Ties Make Forbes Billionaires List

    Monday, March 3 2014 6:05 PM EST2014-03-03 23:05:04 GMT
    LAS VEGAS -- The latest Forbes world ranking of billionaires includes plenty of familiar faces, including a dozen with ties to Southern Nevada. Those with local connections are headed by Las Vegas SandsMore>>
    The latest Forbes world ranking of billionaires includes plenty of familiar faces, including a dozen with ties to Southern Nevada.More>>

NEW YORK (AP) -- Citigroup is offering no explanation for today's sudden resignation of the bank's CEO, Vikram Pandit.

But the Wall Street Journal said the move followed a clash with the company's board over strategy and performance at Citigroup's businesses.

Shareholders also have objected to Pandit's pay packages. He received $15 million last year.

There had been no hint of the move yesterday, when the bank announced strong third-quarter earnings. The earnings report sent Citigroup's stock price to its highest level since early April.

One analyst said the departure is a clear sign of a "complete and unexpected break" between Pandit and the board. But Chris Whalen of Tangent Capital Partners said he doesn't think the change will bring a shift in strategic direction for the bank.

Pandit's replacement is Michael Corbat, who had been head of the bank's division in Europe, the Middle East and Africa.

Citi is the country's third-largest bank, with $1.9 trillion in assets.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.