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Citigroup CEO steps down

(Xinhua)

08:36, October 17, 2012

NEW YORK, Oct. 16 (Xinhua) -- Vikram Pandit has unexpectedly stepped down as Citigoup Inc. chief executive officer.

The bank announced Tuesday that Michael Corbat, the current CEO for Europe, Middle East and Africa, would succeed Pandit.

The news came after the bank reported Monday better-than-expected third-quarter earnings after continued improvements in its main businesses.

"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," Pandit said in a statement. He would also resign as a board member.

Pandit's tenure as Citigroup CEO started in December 2007, shortly before the 2008 financial crisis.

The bank's board of directors praised Pandit's "leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future."

Chief Operating Officer John Havens, a long-time associate of Pandit, also resigned.

With Pandit's departure, just two men who ran Wall Street banks during the financial crisis, Jamie Dimon of JPMorgan Chase and Lloyd Blankfein of Goldman Sachs, remain in their posts.

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