Citi's CEO Vikram Pandit have to leave Organization!
vikas jaiswal,noida,18/10/12 Citigroup Inc's Vikram Pandit quit as chief executive on Tuesday after months of simmering tensions with the board - an abrupt change that surprised investors and employees of the third-largest U.S. bank. Multiple sources within and outside the bank said Pandit's departure followed months of tension with Chairman Michael O'Neill over a range of issues, including compensation and the role of Chief Operating Officer John Havens. On Tuesday, Havens also resigned. Pandit has been involved in some high-profile snafus this year, including the bank's sale of the remaining stake of its retail brokerage business to Morgan Stanley at a loss. Senior executives were mostly stunned by Pandit's departure. It is not clear precisely what led Pandit to quit, but the decision to swiftly name Corbat as CEO is a clear sign that O'Neill is now fully in control of the bank, according to one person familiar with Citigroup. Citigroup shares rose as much as 2 percent as some investors said they were not sorry to see Pandit leave. During his tenure, he was known to have adamantly opposed any break-up of the bank, something some money managers argued would increase shareholder value. His resignation could revive that talk, particularly in light of comments by former Citi CEO Sandy Weill this summer suggesting big banks should be broken up. MY VIEW:-Company should remember that when it was in financial crisis.VIKRAM PANDIT played great role then to make profitable.