Cable News MSNBC,CNBC,CNN now Reuters all reported this morning Citigroup CEO Vikram Pandit resigned effective immediately.
http://www.reuters.com/...
Citigroup CEO Vikram Pandit resigns
(Reuters) - Citigroup Inc Chief Executive Vikram Pandit resigned abruptly on Tuesday, effective immediately, a shock change at the top of the No. 3 U.S. bank just one day after a surprisingly strong quarterly earnings report.
Analysts and investors quickly raised red flags about the timing, saying it did not appear to be a natural transition and rather suggested some sort of dispute at the bank.
But Citigroup shares rose 1.5 percent in morning trading as some investors said they were not sorry to see the one-time hedge fund executive leave.
A statement from Chairman Michael O'Neill said Michael Corbat, previously chief executive for Europe, Middle East and Africa, would succeed Pandit as CEO and as a board member.
Pandit assumed control of Citigroup replacing
Charles Prince after devastating financial numbers 4th Quarter 2007 around the same time
E. Stanley O'Neal was replaced by John Thain at Merrill Lynch. This of course being the earliest tremors of the Financial Earthquake to come.
Rampant speculation on the cable news channels and CNBC morning show Squawk On The Street reporting that their background sources were just as shocked at the announcement.