Vikram Pandit announced Tuesday that he is stepping down as CEO of Citigroup. The board of directors named Michael Corbat its new chief executive.
President and Chief Operating Officer John Havens also resigned.
Shares of Citigroup [C 36.66 1.91 (+5.5%) ] slid in pre-market trading following the announcement.
"Citigroup is well-positioned for continued profitability and growth, having refocused the franchise on the basics of banking," Pandit said.
Citi's board of directors praised Pandit's "leadership, integrity and resilience in guiding Citi through the crisis and positioning it well for the future."
Corbat was formerly the chief executive of Citi's Europe, Middle East, and Africa division.
This should be great for BAC.
I think it is really bad for BAC
I think it is bad for every bank :)) BAC stock is down pre-market....