New Citigroup (C) CEO Michael Corbat told analysts late on Tuesday that the bank’s basic strategy won’t likely change under his leadership. “The focus is going to be on operating performance,” he said. He said that Citi has “the right footprint and the right resources.”
Corbat and Chairman Michael O’Neill fielded questions on Tuesday on a conference call to address the sudden departure of former CEO Vikram Pandit this morning. The two men did their best to portray the shift as a natural and orderly progression, even as the news shocked the investment community and had reportedly sent audible gasps through Citigroup’s offices when it was announced.
O’Neill said the bank had been considering successors for more than 2 years, and had considered both internal and external candidates.
“We were very well-prepared when this occurred,” O’Neill said. The chairman, who had reportedly been frustrated with Pandit, said that Pandit’s departure was not about pay. “Categorically no.”
Pandit earlier told CNBC that he was not forced out of the bank, although news reports have pointed to his clashes with the board.
When CLSA analyst Mike Mayo asked why they didn’t ask Pandit to stick around for a few months to groom Corbat, O’Neill called the timing “fortuitous.” Corbat will now get to plan the 2013 budget and submit the company’s newest capital plan, which will be reviewed by regulators to determine whether Citi can buy back shares or raise its dividend.
Citi shares were down about 0.2% after-hours.
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