Citigroup Tuesday morning announced that Vikram Pandit is stepping down as CEO and will be replaced by Michael Corbat who was originally tasked with unloading the company’s distressed assets.
Pandit is also leaving the bank’s board of directors.
The move comes a day after the bank reported company wide earnings of $468 million and
Under Pandit, Citigroup’s presence in mortgage banking has shrunk. The bank exited the wholesale channel earlier this year and has been slowly shrinking its residential servicing portfolio.
In a statement Citigroup’s board praised Pandit’s “leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future.”
In prepared remarks Corbat said, “The fundamentals we have in place today are solid, and we are on the right path…Citi’s businesses, footprint and talent are unmatched, and we will be relentless in our drive toward operating excellence and risk management.”
Among residential lenders, CitiMortgage ranks fifth nationwide. In servicing it ranks fourth, according to figures compiled by National Mortgage News and the
