Pandit out at Citigroup

Oct 16, 2012, 3:41 PM EDT
 Vikram Pandit seen on June 18, 2012 in New York City. On Tuesday, Citigroup announced that Pandit was stepping down as CEO of the bank.
Getty Images/Spencer Platt

Chief Executive Vikram Pandit has resigned, the company says. Michael Corbat, Citi's CEO for Europe, Middle East and Africa and said to be close to Citi chairman Michael O'Neill, will replace him. John Havens, Citi's COO and an ally of Pandit, is also leaving the bank. Reports talk variously of months of strategic disagreement between Pandit and O'Neill about the future direction of the U.S.'s third largest bank and of dissatistaction on the part of the board and investors in Citi's performance under Pandit,  though the immediate trigger of his departure is unclear. The abrupt changes came the day after the bank announced surprisingly strong quarterly results. Citi's shares rose in New York trading.