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In an exclusive interview, Pandit said that after the bank posted stronger-than-expected third-quarter earnings on Monday, he called Chairman Michael O'Neill to discuss leaving the bank.
“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.”
Michael Corbat, who had been the head of Citi's Europe, Middle East and Africa operation, was named the new CEO on Tuesday. (Read More: Meet Citigroup's New Boss.)
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.
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