Awkward Moments For Citi's CEO

Crown

The Wall Street Journal reports that Citi's new(ish) CEO Michael Corbat has had to withstand a couple of awkward moments over the last few weeks.

According to the newspaper's sources, Corbat and then Citi CEO Vikram Pandit were off to Washington for an IMF and World Bank conference last month.

The WSJ says: 'Unbeknown to Mr. Pandit, Citigroup Chairman Mike O'Neill had told Mr. Corbat that the board could seek Mr. Pandit's resignation as chief executive and hand the job to Mr. Corbat... A day after Messrs. Pandit and Corbat returned to New York, that is exactly what happened'.

The newspaper continues: 'Mr. Corbat's position is all the more awkward given his close personal relationship with Mr. Havens. The two men spent time together outside of work, occasionally vacationing with their wives at Mr. Havens' Scotland estate'.

Corbat might have had to endure a few akward moment, but at least he is now king of his own castle.

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