It had been a tense day and an almost surreal call with investors and analysts and, just for a moment, Michael O’Neill, chairman of Citigroup, let his guard slip. He had been busily maintaining the ludicrous pretence that nothing big had happened on October 16 last year. Sure, the chief executive of Citigroup had just offered his resignation, and O’Neill as chairman and the rest of the board had accepted it. But hey, good news: the bank had been working on a succession plan just in case something like this might happen and here was Michael Corbat, already warmed up and ready to take over, having done such a good job as one of Pandit’s ablest lieutenants winding down the bank’s non-core assets in Citi Holdings.
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