Oct 16 - Citigroup's CEO Vikram Pandit is stepping down, and Citi's CEO of Europe, Middle East and Africa Michael Corbat will replace him.
The market was just shocked by -- from -- -- resignation he comes at a time when he seems to have been riding high bank reported greater earnings yesterday. He gave no indication on conference calls that anything was wrong. And he is slowly bringing them back that the bank back from the brink of disaster. So markets don't know what's going on why he's resigned. There just focus on his successor. And we know a lot of Bobby and the only thing that nobody knew was that he was anywhere near two -- to succeed into the top the third largest bank in the country. He. Is gets a lot of credit currently runs. Cities you're. Middle East and Africa businesses major major important for a bank is that the most international US banks. He got there because he's credited with managing down. There portfolio. Billions of dollars of assets. That they claim are nonessential. And they had to get rid of those because their capital situation was so bad. So he -- 500 billion dollars of those -- or more. In a very short period of time before that he ran some of their credit card businesses he's Harvard educated I think fifteen year old. Man now CEO bank and no one -- he he was considered a front runner to succeed and it someday. But nobody expected that date to be anywhere near now. Pandit himself as a relatively new arrival at city. He used to run investment banking Morgan Stanley he went off and started -- hedge fund. Within just two years I believe of running that bond he sold with the city for more than 800 million dollars he brought over his age to camp Morgan Stanley John havens. To be. President with him havens is also resigning today so now there's just a big question mark over city. And I believe the stock is and reflect and and I think the last time I looked it was down -- dollar in premarket trading.