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October 23, 2012

How Not to Change a Bank CEO

“”I never tried to manage my career,” Vikram Pandit told Stanford University students in May. “I never thought about the future in any way.”

That is just as well because on Wall Street the future can be unpredictable. Mr. Pandit found out just how unpredictable last Monday.

He started the day as chief executive of Citigroup Inc. and ended it as the fourth ex-CEO of the 14-year-old U.S. bank created by the merger of Citicorp and Travelers Group. He was succeeded by Michael Corbat, a longtime Citigroup executive.

The abruptness of the change, announced last Tuesday, a day after the company’s third-quarter earnings, stunned the market. “We are…scratching our heads and saying: ‘What just happened?'” Glenn Schorr, an analyst at Nomura Holdings Inc.,  told Citigroup Chairman Michael E. O’Neill in the aftermath.”

Read the full Wall Street Journal article here

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