Citigroup has announced that Vikram Pandit has stepped down from his role as chief executive officer (CEO) of the bank with immediate effect.
The major US bank released a statement yesterday afternoon (16 October) revealing that Mr Pandit has resigned, as well as giving up his position on the company's board, with Michael Corbat being elected to take over the CEO position.
Mr Corbat formerly operated as the lender's CEO of Europe, Middle East and Asia and Michael O'Neill, Citigroup chairman, insisted he is the perfect man for the job due to his "outstanding leadership skills".
Following the decision, Mr Pandit said his resignation is based on the opinion that great progress has been made in recent years in terms of returning Citigroup to being a "strong institution" in the aftermath of the global banking crisis.
"I could not be leaving the company in better hands," he added.
Meanwhile, Mr Corbat pledged: "We will be relentless in our drive toward operating excellence and risk management."
By Asim Shah