Citi Reshuffles Top Job as Pandit Steps Down

Pandit has held the top post at Citigroup since December 2007, following the acquisition of his hedge fund, Old Lane, in 2007. He famously spent two years working for a salary of $1 after testifying to Congress in 2009 that his compensation should be set at that level until the bank returned to profit, although he quickly became one of the highest-paid executives in the industry following a retention bonus and salary hike in 2011.

Corbat, who has been at Citigroup since graduating from Harvard