Vikram Pandit | South China Morning Post
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  • Feb 28, 2015
  • Updated: 5:04am

Vikram Pandit

Citigroup cuts 11,000 jobs as Corbat tackles revenue slump

A Citibank branch in New York. Citigroup reported it employed 262,000 people at the end of this year’s third quarter. Photo: Xinhua

Citigroup’s Michael Corbat, who took over as chief executive less than two months ago, will cut more than 11,000 jobs and pull back from some emerging markets to drive down costs as revenue dries up at global banks.

Thursday, 29 August, 2013, 4:13am

A bad week for … (October 21, 2012)

Jimmy Lai Chee-ying

Jimmy Lai Chee-ying

21 Oct 2012 - 1:39am

Citigroup CEO Pandit quits, shocking Wall Street

Pandit would be succeeded by the head of the bank's European and Middle Eastern division, Michael Corbat.

Citigroup shocked Wall Street Tuesday with news of the immediate resignation of chief executive Vikram Pandit and his top aide a day after the number-three US bank posted quarterly earnings.

Citi’s board unanimously elected Michael Corbat, head of the Europe, Middle East and Africa division, to succeed Pandit as CEO and fill his seat on the board, the bank said.

17 Oct 2012 - 3:24am

Pandit quits as Citigroup's chief

Vikram Pandit says it is time for someone else to lead Citigroup.

Citigroup chief executive Vikram Pandit resigned abruptly yesterday, effective immediately, a shock change at the top of the No 3 US bank the day after a surprisingly strong quarterly earnings report.

Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank.

17 Oct 2012 - 3:26am