Pandit will be replaced by Michael Corbat, who previously served as Citigroup's CEO of Europe, Middle East and Africa.
The Board of Directors of Citigroup on Monday announced that Vikram Pandit has stepped down as the Company's Chief Executive Officer and as a member of the Board, effective immediately.
The salary is however lower than Pandit's, whose base pay touched $1.75 million in 2011.
Prime Minister Narendra Modi on Monday gifted famous Indian tea to the captains of 11 large American corporations.
World's largest asset manager Blackrock will host a global investors meet in India next year, CEO Laurence Flik conveyed to Prime Minister Narendra Modi.
US-based global technology giant IBM expressed keen interest in participating in India's newly-launched initiatives like Smart Cities and Digital India.
The task force will look at emerging markets, technology, regulatory and monetary policies, loss of trust in financial services, and financial inclusion.
Defence major Boeing on Monday proposed greater business engagement with India, as Prime Minister Narendra Modi promised the US companies to provide friendlier business environment in the country.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
In India, it is not easy to fight it out with the large banks which are nimble-footed and technology-savvy and are continuously innovating on the retail turf with newer products for customer acquisition.
There is a dearth of talent in the Indian banking industry. A testimony to this is the two new CEOs in the private sector -- Sandeep Bakhshi in ICICI Bank Ltd and Amitabh Chaudhry in AXIS Bank Ltd -- have come from the insurance sector, says Tamal Bandyopadhyay.
As Prime Minister Narendra Modi arrived in New York on Friday on a five-day US visit, he was greeted with 'Har Har Modi' slogan.
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