Citigroup chief Vikram Pandit, one of the most well-known faces on Wall Street, is to step down with immediate effect, the bank said Tuesday.
The reason for the unexpected move was not clear. Vikram is to be replaced by Mike Corbat, head of the company's arm in Europe, the Middle East and Africa.
"Given the progress we have made in the last few years, I have concluded that now is the right time for someone else to take the helm at Citigroup," said Pandit in a statement. "I could not be leaving the company in better hands."
The company's chief operating officer John Havens is also leaving with immediate effect. Citigoup said he had been planning to retire at the end of the year but brought that forward in light of Pandit's decision.
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