2012-10-17 — bloomberg.com
Episodes that led the board to replace Pandit with Michael Corbat included the rejection by regulators in March of a plan to boost shareholder payouts, said the person, who requested anonymity because board deliberations are private. Citigroup's $2.9 billion writedown on the Smith Barney brokerage unit and a two-level cut of its credit rating by Moody's Investors Service also contributed, the person said.
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