With these stake buys, Pandit is preparing the ground for starting a new bank in India.
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Because of the sheer magnitude of assets at Citi, Pandit will have to move more slowly.
An embarrassing blow for Pandit who was eventually replaced with Michael Corbat in late 2012.
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The SEC may be looking at a series of factual inconsistencies about Mr. Pandit leaving.
About an hour later, I spoke with Pandit in a sparsely furnished hotel room.
Neither Mr. Pandit nor Mr. Havens retires with any kind of pension from the bank.
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Pandit, who moved to the United States at sixteen, is rarely described as a communitarian.
But even after all those millions of dollars in pay Pandit left Citi a failure.
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"We're thinking 2012 is the right year for us to return capital, " Pandit said.
Pandit joined Citi after the bank bought the hedge fund and private equity shop he managed.
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Shareholders in Citigroup voted against planned compensation packages for Vikram Pandit, Citi's chief executive, and its directors.
One indication might be that Mr. Pandit was CEO and not chairman, and he has now resigned.
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On Monday, while Pandit was hosting the third quarter earnings conference call, Corbat was in New York.
But Corbat, who replaced Pandit in October, was only in the top job for three months last year.
And Citigroup (C) shareholders struck down a fat pay package for chief executive Vikram Pandit.
The results are the first under Citigroup's new chief executive, Mike Corbat, after Vikram Pandit stepped down last year.
But Pandit and his top executives opposed her moves, the documents show and sources close to the matter say.
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For analytical and introverted Pandit, rallying the troops may prove the toughest challenge.
Pandit has experience running a complex investment bank, but little background as the chief of a global consumer operation.
This was also the week when Vikram Pandit got the boot from Citigroup.
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Under Mr. Pandit, Citigroup used score cards for some departments, but not others.
Pandit, a slight, bespectacled fifty-three-year-old native of Nagpur, in western India, was seated near the front of the room.
Pandit was viewed by some as not doing enough to get Citi back on track since its 2008 downfall.
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Vikram Pandit took over in 2007 after Citi bought his hedge-fund business, Old Lane Partners, which it quickly closed.
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Last month the bank suddenly announced its CEO of five years Vikram Pandit would be replaced by Michael Corbat.
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Pandit eventually had to shutter that same investment firm during the financial crisis.
FORBES: Citigroup CEO Pandit Abruptly Quits After Guiding Bank Through Financial Crisis
Victor Pandit for the last five years has run Citigroup into the ground and now has been pushed overboard.
For example, Mr. Pandit forfeits unvested options if he terminates his employment for any reason before the options have vested.
FORBES: Citigroup Loses Top Two Executives, Including Pandit
New management inherits quite a mess from Mr. Pandit and will have its hands full trying to turn around the bank.
Vikram Pandit , the head of institutional securities whose role was clouded by the elevations of Cruz and Crawford, reportedly quit.
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