FDIC planning to oust Pandit?

April 21, 2009 | By Jim Kim

When the government effectively ousted GM CEO Rick Wagner, a lot of people wondered why bank CEOs escaped a similar fate. My sense was that the bank CEOs were willing to toe the line to save their jobs, even if it made for some awkward positions. A good example is Citigroup's support for a cramdown bill, which it previously opposed vociferously.

Now comes the rather surprising news from the Financial Times that the FDIC has discussed possible successors to Citigroup CEO Vikram Pandit. The conventional wisdom is that if the stress tests indicate the bank is much weaker than expected, a change at the top will be necessary. Are these leaks sort of preparing the way for a change? Some possible successors: Ned Kelly, chief financial officer and Gary Crittenden, his predecessor and new director. The stress-test stakes are getting really high.

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