New Citi CEO says no change of direction

Associated Press Published: October 16, 2012
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NEW YORK (AP) — The new CEO of Citigroup says the departure of Vikram Pandit doesn't mean a change of direction for the bank.

Michael Corbat is holding a conference call with financial analysts and reporters. He's praising Pandit for leading the bank through the 2008 financial crisis and the worst recession since the Great Depression.

Corbat says: "Today's changes do not reflect any desire to alter the strategic direction of Citi, which we believe to be the right one."

Pandit surprised Wall Street by stepping down Tuesday. The chairman of Citi's board, Michael O'Neill, says the decision was Pandit's and there is not "another shoe to drop."