Vikram Pandit denied that he was forced out as Citigroup's CEO, telling CNBC Tuesday that it was his decision to step down after five years at the bank and that he had been thinking about it for awhile.
In an exclusive interview, Pandit said that after the bank posted stronger-than-expected third-quarter earnings on Monday, he called Chairman Michael O'Neill to discuss leaving the bank.
While the departure was abrupt, Pandit said, “Citigroup has a new CEO in place and it makes no sense for the old CEO to look over his shoulder.”
Michael Corbat, who had been the head of Citi's Europe, Middle East and Africa operation, was named the new CEO on Tuesday.
Meet Michael Corbat, Citigroup's new boss
Pandit also denied his departure was about money, noting that he had worked for an annual salary of $1 when needed.
There are no potential problems lurking at the bank either. “If I thought there were any blowups, I wouldn’t leave,” Pandit said.
-Reported by Maria Bartiromo; Written by Justin Menza
