Vikram Pandit quits as Citigroup CEO - NewsX

Vikram Pandit, the Nagpur-born CEO of Citigroup Inc., abruptly resigned after nearly five years at the helm of the world's largest financial services network. The resignation, which came just a day after the firm reported stronger-than-expected Q3 earnings, sent shock waves through the financial world. No reasons were cited, but Citigroup's board said Pandit had stepped down as CEO effective immediately, and he would be replaced by the head of the bank's European and Middle Eastern division, Michael L Corbat. In a pro-forma departing statement, Pandit was quoted as saying "given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup", and that he "could not be leaving the company in better hands".

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