Citigroup chief executive Vikram Pandit resigned as head of one of the world's largest banks on Tuesday, as did president and Chief Operating Officer John Havens, a long-time associate of Pandit. Michael Corbat, previously the head of Citi's Europe, Middle East, and Africa divisions, is replacing Pandit. Citigroup did not give a reason for the change of leadership, but Pandit said in a statement that he has "concluded that now is the right time for someone else to take the helm at Citigroup." His resignation is effective immediately.
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