Citigroup's CEO Vikram Pandit abruptly resigned Monday, surprising nearly everyone from bank employees to Wall Street. The news comes just a day after the bank reported solid earnings during the last quarter.
But Roben Farzad, a contributor at Bloomberg Businessweek, told WNYC’s Amy Eddings looking back, it’s actually not that surprising.
“Citi has woefully underperformed some of the bigger players such as JPMorgan, Wells Fargo, really the rest of Wall Street has moved on in a much bigger way that Citigroup has,” Farzad explained.
He added that it’s been a “pretty thankless” five years for Pandit, and now might be the best time to go.
While the company’s stock went down 90 percent during Pandit’s overall tenure, in the last year it has risen 40 percent.
Listen to Amy Edding’s full interview with Roben Farzad above.