Reuters reports that O'Neill criticized Pandit for being too detached from the bank's day-to-day operations, and told him to get more involved, according to sources briefed on the situation.
Instead, Pandit, who had been thinking of leaving for some time, decided to resign. O'Neill did not stop him, the sources said. John Havens, the bank's chief operating officer and a close confidant of Pandit's, also followed in his boss's footsteps out of the third-largest U.S. bank.
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Citi CEO Pandit exits abruptly after board clash
In the meantime, the news agency also reports that Citi insiders expect new chief executive, Mike Corbat, to promote executives from within the bank rather than hire from outside, which could mean his having to fill as many as four senior posts in the next several weeks.
Corbat, who became CEO on Tuesday following the sudden departure of Vikram Pandit and Chief Operating Officer John Havens, has spent nearly 30 years at Citigroup and its predecessors.
On Wednesday, he set up interim reporting lines for his executive ranks, naming Bill Mills, the current CEO for the North America region, to take on extra responsibilities as the temporary CEO for Europe, Middle East and Africa (EMEA), according to an internal memo seen by Reuters. Corbat held the top EMEA job before being promoted.
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Citi insiders expect new CEO to promote from within
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image: © SMN
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