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The replacement of Pandit at Citi is a very good thing for CRE. His appointment 5 years ago never made any sense to me. He was a moderately successful hedge fund operator with absolutely no experience at running any part of a large commercial bank, and no experience running a large, complex, worldwide organization. He took over from a lawyer who also had no operational experience who had no idea how to run the bank, and he had taken over form a deal junkie who had built an very disparate and complex conglomerate of financial services companies. Rubin, it turns out seems to enjoy the perks of his title but did little to rationalize the operation of the bank into a strong commercial bank. Bringing Pandit in to deal with this mess in the midst of the crash of the capital markets seemed at the time to be a terrible decision by the board, which has been proven to be the case.

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