Smith Barney write-down helped seal Pandit’s ouster: Source
A source claims Vikram Pandit was ousted as Citigroup CEO due to a series of missteps, not one incident. The last straw? The sizeable accounting hit the bank took from the plummeting valuation of Smith Barney.
Citigroup Inc. (C) directors ousted Chief Executive Officer Vikram Pandit after concluding his mismanagement of operations caused setbacks with regulators and cost credibility with investors, a person with knowledge of the discussions said.
Episodes that led the board to replace Pandit with Micha
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