Pandit will be replaced by Michael Corbat, who previously served as Citigroup's CEO of Europe, Middle East and Africa.
In a media release, the financial services behemoth said that its board of directors has appointed Vikram Pandit as the company's new chief executive officer and member of the board of directors, effective immediately.
Appearing before the US house financial services committee along with seven other top US CEOs of companies which received a bailout fund from the federal government, Citigroup CEO Vikram Pandit said, "My compensation for the year 2008 was my salary, which is $ 1 million. I received no bonus. And as I stated earlier, I plan to take a $ 1 a year in salary and no bonus until we return to profitability."
Ex-Citi CEO to be non-executive chairman of the NBFC and its proposed bank
When Pandit was in Japan last week, meeting International Monetary Fund and World Bank officials, Michael E O'Neill, the new chairman of Citigroup since April, was applying the final touches of his masterplan to remove Pandit.
Donning the role of a commander ill-equipped to save the Titanic of banking world, Citigroup's India-born chief Vikram Pandit has found a place among the 20 worst ever CEOs in the American history, but the top honours has gone to bankrupt Lehman Brothers' Dick Fuld.
"Vikram was destined to succeed. He has been a brilliant student throughout and also possesses a steely resolve. He is a go-getter. Instead of bowing under any problem, he would go all out to find a solution," Pandit told PTI.
The New York Post has reported that the US, which is wrapping up stress tests on banks, may oust Vikram Pandit as Citi's CEO. Pandit's future at Citi has been hanging in the balance as the financial services major has already received three lifelines from the Federal government to stay afloat.
Vikram Pandit has taken the helm at the troubled financial-services giant. He talks about the road back.
Two corporate heads, Vikram Pandit and Mukesh Ambani, on Friday predicted great things about India's growth story. Particularly, the recent stress on inclusive growth.
The US CEOs accompanying Obama discussed with their Indian counterparts, different issues relating to business environment and challenges in the two countries.
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.
Vikram Pandit may thank the TINA (There Is No Alternative) factor for still being in job as Citigroup CEO, as the US government reportedly did not push for his ouster in its rescue package for the troubled bank partly because there was no "obvious" successor.
O'Neill told Pandit in an "abrupt encounter" at the end of the day on October 15 that "the board has lost confidence in you".
PepsiCo's Indra Nooyi, Motorola's Sanjay Kumar Jha and Citigroup's Vikram Pandit are the three Indian-Americans among US' highest paid CEOs listed by Wall Street Journal.
As per a regulatory filing by Citi, Pandit's pay package for 2011 included a salary of $1.67 million, a cash incentive of $5.33 million and stock options valued at $7.98 million, totalling to $14.98 million.
Citigroup's Indian origin CEO Vikram Pandit, who has been on a major restructuring drive, including thousands of layoffs, since taking charge late last year, has asked his colleagues to help transform the "best financial institution" into the world's top-most company.
Citigroup plans to launch a $200 million fund for small-business lending in low and moderate income communities.
Sanjay Jha (left) of Motorola and Vikram Pandit (below) of Citigroup are among the three who have made it to the league of top 25 highest paid men in the world.
Citigroup's Vikram Pandit may have been named among worst CEOs ever in America, but in terms of financial performance for the first quarter of this year, the banking behemoth has emerged as one of the best performers among the US companies run by persons of Indian origin.
Buying one share of Citigroup will cost its CEO Vikram Pandit his full-year salary -- $1, which can also buy a soft drink at any neighbourhood McDonald's store.
Days after Citi's global CEO Vikram Pandit said the group planned to reduce head-count by 52,000, there are reports that the financial major will lay off over 1,000 employees in India. The financial services company has around 10,000 employees in India.
Mobile phone maker Motorola's India-born chief Sanjay Jha has emerged America's top paid CEO, while Citigroup's Vikram Pandit tops the league among bailed out banks, a survey said.
The US financial crisis and the resultant economic downturn pushed many a top honchos out of their corner rooms in 2009, but Citigroup's India-born chief Vikram Pandit continues to steer the once financial colossus out of its biggest ever crisis.
Mobile phone maker Motorola's India-born chief Sanjay Jha has emerged America's top paid chief executive officer, while Citigroup's Vikram Pandit tops the league among bailed out banks, a survey said. Another Indian on the list is PepsiCo's Indra Nooyi at the 36th slot with a pay package of $13.98 million.
India Inc loves to applaud every time any businessman or executive of Indian origin makes it to the top in the developed world.
The list of contenders for this job include Vikram S Pandit, currently Citigroup's investment banking head and a former Morgan Stanley investment banker, and Shaukat Aziz, formerly the bank's global private banking business head and most recently the prime minister of Pakistan, according to various media reports.
A career Citibanker, 'Selva' came into the spotlight as the person who rewired the financial behemoth's Indian retail operations.
Industry greats like Ratan Tata, Lakshmi Mittal, Narayana Murthy and P R S Oberoi have been nominated for this years Padma Vibhushan.
Replacing Pandit-- an enthusiastic defender of the company's existing mix of businesses -- is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
Licence winners are expected to be announced by the first quarter of 2014.
Enjoying the backing of the regulator, Gill has identified the core problems, ring-fenced the banks from "influencers" and is in the process of building a new team. Now, he needs to play a Vikram Pandit for YES Bank, says Tamal Bandyopadhyay.
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.
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