I have been calling him to find out if it's true, but he is not answering!

A statement on Tuesday from Chairman Michael O'Neill said Michael Corbat, previously chief executive for Europe, Middle East and Africa, would succeed Pandit as CEO and become a board member. Chief Operating Officer John Havens, a long-time associate of Pandit, also resigned. Pandit's departure follows a series of high-profile defeats this year. In March the Federal Reserve rejected Citigroup's capital plans after a stress test. Pandit had led analysts and investors to believe the dividend-raising plans would be approved. Just last month, Pandit agreed to a low sale price for his bank's stake in the brokerage operated by Morgan Stanley. Citigroup took a $4.7 billion charge in the third quarter to write down the value of that stake. Citigroup shares fell 2.4 percent to $35.77 in premarket trading Tuesday. The shares rose sharply on Monday after the bank reported quarterly results that were much better than analysts expected.

Citi has not been doing well for the past few years..Shareholders were angry that Pandit was still receiving a big bonus despite the 'bad' spell.

 

He definitely ain't going out 'poor'..

Over the years, I've read some very flattering articles about him in Time Magazine.

I wouldn't be surprised if he sponsored the publication of those articles.

He was running the citibank Indian style; he probably has a fake curriculum vitae and passport as well.