Financial Business Review: RBS Mulls Suit Against Santander, Pandit’s Departure From Citigroup
The Royal Bank of Scotland (NYSE:RBS) mulls bringing a suit against Banco Santander (NYSE:SAN) over the Friday collapse of the latter’s agreement to acquire 316 United Kingdom branches of RBS for £1.65 billion. The board of RBS has “strongly refuted” the notion that Santander pulled back due to information tech problems, say sources, but instead thinks that the lender is storing capital because of troubles in Spain.
Goldman Sachs (NYSE:GS) names private equity executive Adebayo Ojunlesi as an independent director on its board. The appointment enlarges the board to 11 members, of which 9 are independent. The firm intends to appoint another independent director soon, as it hopes to assuage worries that the board had become too “insider-heavy.”
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Vikram Pandit has resigned down as chief executive of Citigroup (NYSE:C), and Chief Operations Officer John Havens is also stepping down, although he maintains that he had thought of retiring for some time. The board has named Michael Corbat, previously the firm’s chief executive for Europe, the Middle East and Africa, as the new chief executive for Citigroup as a whole. It’s now thought that Pandit had fought with the board over “strategy and performance,” according to The Wall Street Journal, and David Faber believes that Pandit’s “firing” occurred in the past 12 to 24 hours. A bit later on Tuesday, Pandit told the Journal that “it was my decision” as he and the board rush to get their own versions out.
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