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“After five years of accomplishing what we needed to do, it was the right time” to step down, Pandit said.
While the departure was sudden, Pandit said “Citigroup has a new CEO in place and it makes no sense for the old CEO to look over his shoulder.”
Pandit expects Corbat to continue to focus on emerging markets and core banking.
Pandit also denied his departure was about money, noting that he had worked for an annual salary of $1 when needed. (Read More: Pandit's Farewell Memo to Citigroup Employees.)
There are no potential problems lurking at the bank either.
“If I thought there were any blowups, I wouldn’t leave,” Pandit said.