Corbat takes over a different Citi from the one Pandit got

Oct 16, 2012, 7:14 PM EDT
Michael L. Corbat speaking on November 2, 2011 in New York City. On Tuesday Corbat was named CEO of Citigroup following the abrupt resignation of Vikram Pandit from the helm of the third-largest U.S. bank.
Getty Images/Jason Kempin

Michael Corbat takes over as chief executive of Citigroup from the suddenly departed Vikram Pandit, whose leadership of the bank through the tumultuous aftermath of the 2008 financial crisis is now being criticised as sub-par. In a 29-year career at the bank, Corbat has held a succession of 'clean-up' jobs, earning a reputation as a strong if low-key manager, whose polite but gregarious style earned him the nickname, The Senator. Corbat is also, unusually for Citi over the past two decades, an old-school banker and a Citi lifer, all experience that he will need to draw on as the third-biggest bank in the U.S., that Pandit kept from bankruptcy through three bailouts, still struggles to get itself back in shape.