Michael Corbat selected to lead Citigroup

Citigroup has a new CEO this morning. Taking over the helm is Michael Corbat, who had been leading the bank’s Europe, Middle East and Africa division. The leadership change comes after former CEO Vikram Pandit resigned amid reports he had clashed with the board in recent months. The bank weathered the worst parts of the 2008 financial crisis under Pandit.

Reporter Brad Keoun, who profiled Corbat for Bloomberg, says that Corbat has a huge task ahead of him. He will have to tackle lingering issues from the financial crisis as well as wrangle Citigroup’s much criticized high operating expenses.