“He’s [Vikram Pandit] a total stand-up guy. [John] Havens is total stand-up. I have no idea what’s going on here. This is major, and something is very wrong.”
Jim Cramer, CNBC
“C is ‘the incredible shrinking bank,’ and the least interesting of the big four, in our opinion. No CEO will be able to change these facts in the near term. It appears the board feels the same way, as they have appointed an unknown to the outside to the new CEO position, Mike Corbat.”
Meredith Whitney,
Meredith Whitney
Advisory Group
“This was decided yesterday afternoon. I made the decision. I talked to [Chairman Michael] O’Neill. I don’t believe in having lame-duck sessions, in having the outgoing CEO looking over the shoulder of the incoming CEO.”
Vikram Pandit
“I did have concerns about Mr. Pandit’s qualifications to serve as CEO of the largest commercial bank since he’d never been a commercial banker . . . I think the board is doing their job.”
Sheila Bair,
Former FDIC head
“The negative outlook reflects the risk that this unexpected management change will negatively affect Citigroup’s ongoing efforts to install improved risk-management practices throughout the firm.”
Moody’s
Investors Service