The Tuesday Massacre: Pandit-monium to result in downsized Citi

From the N.Y. Post: The sudden exit of Citigroup CEO Vikram Pandit signaled to Wall Street that the shrinking financial colossus is headed for an even bigger downsizing…… Citi’s new chieftain, Michael Corbat, a 29-year bank veteran who was already tasked with selling off assets, is expected to aim for more aggressive divestitures than those under Pandit’s tenure. The 52-year-old Corbat previously headed Citi Holdings, the “bad bank” division charged with disposing of unwanted assets in the wake of the financial crisis….. Sources close to the board said that Corbat had been viewed as a likely successor to Pandit for the past two years and the first pick in a pinch — a “break-the-glass CEO,” as one insider put it…………………………………………………………………………………………………. More? Check out http://www.nypost.com/p/news/business/citi_shrinkage_fNaL8DyqAMgf3cUtmXsf7L