Read >> Citigroup is the New Bank of America The management maintained in their earnings conference call Monday that they are well placed to return significant capital in the future, though Pandit this time cautiously refrained from making any promises for 2013. Oppenheimer analyst Chris Kotowski speculates in a report Tuesday that it is possible the board decided that "Pandit's relationship with regulators was too strained and that they would increase the chance of substantial capital returns in next year's CCAR process with his departure." Perhaps with a new CEO at the helm with a reputation for prudent risk management, the bank will have a shot with the regulators. In the conference call, Chairman O'Neill said that it was "critical" for a bank to maintain good relationships with its regulators and said that Mike Corbat was "very well viewed" by regulators for his role in winding down Holdings. -- Written by Shanthi Bharatwaj in New York.