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Citigroup chief executive Vikram Pandit resigns

Pandit has stepped down after five years at the helm and is replaced by Michael Corbat

Citigroup chief executive Vikram Pandit is stepping down, effective immediately, and will be succeeded by Michael Corbat.

"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," Pandit said in a statement.

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