FDIC looks to defuse Citigroup tension
By Joanna Chung in New York
Published: June 10 2009 01:36 | Last updated: June 10 2009 01:36
Sheila Bair, the chairman of the Federal Deposit Insurance Corporation, on Tuesday addressed Citigroup’s board in an effort to defuse tensions sparked by the regulator’s push to replace Vikram Pandit as chief executive.
People close to the situation said Ms Bair called for an end to squabbling between the two sides, reminding the bank that the FDIC is carrying out its normal regulatory duties. Ms Bair did not address Mr Pandit’s position, in spite of her widely reported desire to see him replaced by someone with greater commercial banking experience. Citi and the FDIC declined to comment.
People with knowledge of the meeting said Richard Parsons, Citi’s chairman, also struck a conciliatory tone.
http://www.ft.com/cms/s/0/095b0e52-5556-11de-b5d4-00144feabdc0.html
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