Vikram Pandit shocked Wall St yesterday by resigning as chief executive at Citigroupafter a clash with the board over a series of recent missteps by the bank, according to people close to the situation.
Citi insiders said Mr Pandit opted to leave immediately after a tense discussion on Monday with the board. One said the underlying issues were Citi’s failure to pass Federal Reserve stress tests earlier this year, a defeat on a “say on pay” vote and the handling of the sale of the bank’s stake in Smith Barney, the retail brokerage, to Morgan Stanley.
John Havens, chief operating officer and a close Pandit lieutenant, was said to be “apoplectic” at the board’s treatment of Mr Pandit and also resigned.
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