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Citibank CEO Resigns

Citibank CEO Resigns

News item:

“Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday, surprising Wall Street, after steering the bank through 2008 financial crisis and the choppy years that followed.”

I have been bringing up the pitiful performance of Citibank over the last week, and sent my cut-up credit card to Mr. Pandit several days ago. Does anyone believe this is a coincidence? I think not.

Perhaps he can find a job worthy of his abilities: perhaps a TSA bag checker.

Written by

Alan Weiss is a consultant, speaker, and author of over 60 books. His consulting firm, Summit Consulting Group, Inc., has attracted clients from over 500 leading organizations around the world.

Comments: 9

  • Igor Skapinker

    October 16, 2012

    I doubt that new CEO Michael Corbat will resolve a cut credit card issue, since “he has been credited with successfully restructuring some of Citigroup’s consumer and credit card units. (Reuters)”

    If they call it success, then how do they define failure?

  • October 16, 2012

    Alan –

    Read an article about Pandit’s resignation this morning (apparently John Havens, the COO has also resigned) and wondered the very same thing. You obviously have more influence than you think!

    Lu

  • Alan Weiss

    October 16, 2012

    A horribly run company with idiot leadership. My pores are amazing!

  • October 16, 2012

    I’m sure you letter was the tipping point Alan!

  • Kevin Wunderly

    October 16, 2012

    Nice job, Alan – you got the CEO fired! 🙂

    • Kevin Wunderly

      October 16, 2012

      Oops, I didn’t mean fired, I meant you made him resign!

  • Kevin Wunderly

    October 17, 2012

    Sounds like he ended up walking away with a cool $260 million after doing a terrible job as CEO. Unbelievable…

    http://thinkprogress.org/economy/2012/10/16/1021701/pandit-260-million/

  • Alan Weiss

    October 17, 2012

    This is what’s wrong with American business and everyone has the right to be outraged. No one is worth this kind of money and no one should receive such severance. It’s obscene.

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