Vikram Pandit

Pandit co-chaired sessions at the World Economic Forum in Davos in 2012. While his visibility garnered support within some circles, it also attracted criticism. Analyst Mike Mayo of Crédit Agricole questioned whether Citigroup, then still recovering from the crisis, should be a representative of the financial industry. At the forum, Pandit emphasized Citigroup’s shift “back to the basics of banking” and identified employment generation as a pressing global challenge.

Departure from Citigroup

On October 16, 2012, Pandit abruptly resigned as CEO of Citigroup. Michael Corbat, who had served as CEO of Citi’s Europe, Middle East, and Africa operations, was appointed as his successor. Although the public narrative stated that Pandit stepped down voluntarily, media reports citing anonymous sources suggested he was forced out due to declining investor confidence and ongoing regulatory concerns. The New York Times reported that Chairman Michael E. O’Neill led a discreet but sustained effort that ultimately resulted in Pandit's unexpected departure. His resignation came amid shareholder payouts and pressures tied to regulatory scrutiny.

Business Initiatives Post-Citigroup

In May 2013, Vikram Pandit and Indian executive Hari Aiyar acquired a 3% stake in JM Financial and launched a $100 million fund targeting distressed assets in India. In 2016, Pandit and the Atairos Group, with backing from Comcast Corporation, launched The Orogen Group, a venture focusing on investments in financial services firms. Through this platform, Pandit continued his presence in the global financial landscape, emphasizing long-term and innovative strategies for financial services development.