Citi names Vikram Pandit as CEO
Citi has appointed Vikram Pandit as a replacement for its previous chief executive officer, Charles Prince, who stepped down in November after the bank faced writedowns of billions of dollars on its mortgage-backed securities business.
Sir Win Bischoff, who has been acting CEO since Prince stepped down, will take on a new role as chairman of the bank. He succeeds Robert Rubin, who will return to his responsibilities as a member of the Citigroup board of directors and chairman of the executive committee. Bischoff served as chairman of Schroders before joining Citi in 2000, when Schroders' investment banking business was acquired by a Citi predecessor company. Before his role as acting CEO, he chaired Citi's businesses in Europe, the Middle East and Africa.
In the months before Prince's departure, Citi reported a total writedown of $3.55 billion on its fixed-income and credit businesses for the third quarter of the year. In early November, it announced further writedowns of between $8 billion and $11 billion on its US subprime exposures.
See also: Change at top as Citi sees writedowns
$30bn capital hole hits Citi stock price as credit chiefs fired
Credit crisis hits Citigroup harder than expected
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