Pandit quits as Citigroup's chief

Citigroup chief executive Vikram Pandit resigned abruptly yesterday, effective immediately, a shock change at the top of the No 3 US bank the 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 per cent in late 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/1062692/pandit-quits-citigroups-chief