By The Associated Press
Vikram Pandit stepped down Tuesday as CEO of Citigroup. Here are some highlights of his nearly five-year tenure:
- April 2007: Old Lane hedge fund, which Pandit formed a year earlier, is acquired by Citi for $800 million. Pandit becomes head of alternative investments and, later, Citi's institutional clients group.
- December 2007: Pandit is named Citi's CEO, a month after Charles Prince is forced out following massive losses from bad bets on subprime mortgages.
- September 2008: Citi announces it will buy the struggling bank Wachovia at the height of the financial crisis. Four days later, rival bank Wells Fargo charges in with another offer, eventually muscling Citi out of the way.
- October-November 2008: Citigroup receives a $45 billion cash injection and other support from the U.S. government. The government later converts $25 billion of the aid into an ownership stake in Citigroup.
- February 2009. Pandit pledges to take a salary of just $1 until the bank turns a profit.
- December 2009. Citi repays the government the $20 billion it received that wasn't converted to an ownership stake.
- March 2010. The U.S. Treasury Department says it will begin selling its stake in Citigroup, a process that will last through December.
- January 2011: Citigroup reports a $10.6 billion profit for 2010, its first profitable year since 2007, when Pandit took over.
- May 2011: Citi awards Pandit a multi-year compensation package that could be worth nearly $23.4 million if performance goals are met.
- October 2011: Citi agrees to pay $285 million to settle civil fraud charges that it misled buyers of a complex mortgage investment just as the housing market was starting to collapse.
- March 2012: Federal Reserve bars Citi from increasing its dividend, saying the bank didn't have enough capital to pay shareholders and still withstand a crisis worse than the one in 2008.
- April 2012: Shareholders vote against the 2011 compensation packages for Pandit and other top Citi executives in a non-binding advisory vote.
- Oct. 16: Pandit steps down as CEO and board member.
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