FrontPage of the WSJ. Article says nobody saw this coming. His resignation is effective immediately. Wtf?
Mod Note (Andy): See these related threads:
It was a boardroom coup, I went to high school with the son of the member of the board and was able to speak to him for a little while earlier today. He said that the board and Pandit had opposite views on the future of the company and neither wanted to budge. Basically Corbat had more backing and shared the views of a majority of the board on the future of Citigroup.
Anyone trying to convince themselves that Vikram Pandit left because of "philosophical differences" is full of crap. Everyone knows he left because he didn't think he was being compensated highly enough.
Citigroup Inc. Chief Executive Vikram Pandit abruptly stepped down following a clash with the New York company's board over strategy and operating performance at businesses including its institutional clients group, according to people with knowledge of the bank.
Mr. Pandit and his top aide, John Havens, Citigroup's president and chief operating officer, resigned Tuesday. The nation's third-largest bank by assets named Mike Corbat as Mr. Pandit's successor.
"We respect Vikram's decision," Chairman Michael E. O'Neill said. "Since his appointment at the start of the financial crisis until the present time, Vikram has restructured and recapitalized the company, strengthened our global franchise and refocused the business."
Some more commentary by Bloomberg TV below: