Citigroup CEO Vikram Pandit steps down

Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday, effective immediately, a shock change at the top of the No 3 US bank just one day after a surprisingly strong quarterly earnings report.

Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank.

But Citigroup shares rose 1.5 per cent in morning trading as some investors said they were not sorry to see the one-time hedge fund executive leave.

via Business feed http://www.scmp.com/business/banking-finance/article/1062761/citigroup-ceo-vikram-pandit-steps-down