Pandit steps down as Citigroup CEO

By AP Business Writer DANIEL WAGNER (AP)

Created: Wednesday, October 17, 2012 1:15 a.m. CDT

Vikram Pandit, who steered Citigroup through the 2008 financial crisis and the choppy years that followed, abruptly left the bank on Tuesday, stepping down as CEO and as a director.

The move shocked Wall Street, and Citigroup offered no explanation. There had been no hint of the departure Monday, when the bank discussed its strong third-quarter earnings in lengthy calls with financial analysts and reporters.

A second top executive resigned as part of the shake-up: President and Chief Operating Officer John Havens, who was also CEO of Citi’s Institutional Client Group, which serves global companies, banks and governments.

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Pandit steps down as Citigroup CEO

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