Market Commentary and Intraday News
Key moments in Pandit's tenure as CEO of Citigroup
218 days ago
By The Associated Press
Vikram Pandit stepped down Tuesday as CEO of Citigroup. Here are some highlights of his nearly five-year tenure:
_ 2007: Old Lane hedge fund, which Pandit formed a year earlier, is acquired by Citi for $800 million. Pandit becomes head of alternative investments and, later, Citi's institutional clients group.
_ December 2007: Pandit is named Citi's CEO.
_ September 2008: Citi announces it will buy the struggling bank Wachovia at the height of the financial crisis. Days later, rival bank Wells Fargo charges in with another offer, eventually muscling Citi out of the way.
_ October-November 2008: Citigroup receives $45 billion in taxpayer aid. The government later converts $25 billion of the aid into an ownership stake in Citigroup.
_ February 2009. Pandit pledges to take a salary of just $1 until the bank turns a profit.
_ December 2009. Citi repays the $20 billion it owed the government.
_ December 2010: U.S. Treasury Department sells the last part of its stake in Citigroup. The government said it made $12 billion on the sale.
_ January 2011: Citigroup reports a $10.6 billion profit for 2010, its first full year of profits since 2007, when Pandit took over.
_ May 2011: Citi awards Pandit a multi-year compensation package that could be worth nearly $23.4 million if certain performance goals are met.
_ October 2011: Citi agrees to pay $285 million to settle civil fraud charges that it misled buyers of a complex mortgage investment just as the housing market was starting to collapse.
_ April 2012: Citi shareholders vote against Pandit's pay in a non-binding advisory vote.
_ Oct. 16: Pandit steps down as CEO and board member.
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