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Everyone is -- mention we have some big breaking news this -- of Vikram Pandit has stepped down as CEO of Citigroup Fox Business director.
Of news ray Hennessey is in -- -- from now with the details right.
-- Vikram Pandit gone and unexpected.
Resignation from the CEO they've elected my -- bit.
To be -- new CEO.
You know Corbett had an interesting -- Diane if -- remember he his job was really divest the company of all they're really bad assets from their from the financial crisis and lately he's been running Europe.
-- did not an uncontroversial CEO for awhile a lot of people have been complaining about the Citigroup's performance.
Particularly as it went -- the the financial crisis.
He wasn't considered a very dynamic leader at Citigroup people had been angling to get him out particularly from the shareholder base for for some time but certainly.
This came as a surprise to tune into the marketplace I think if you look at this stuck in -- market really doesn't know.
Which way to go on this because of the good news on the one hand there as I mentioned there's a lot of constituencies that wanted to see handed out for a long time now.
On the other hand this this did come as a surprise.
The the way that the company's characterizing -- this is that Pandit left on his own that he resigned on his own that he wasn't forced out by the board.
And of the board simply -- accepted his resignation he says for his part that it seems like it's the right time for for him to go.
Another odd move Diane is you know is also the president and CEO is leaving at the same time.
So it really is corporate house -- -- again I think as time goes on investors are gonna is gonna look at this.
Probably as a net positive because you -- a change that.
That people have been calling for but again handed.
Who's who's been kind of an outspoken in in a lot of things during -- since the financial crisis particularly when it when it comes to issues of the bail out.
But really -- -- it not consider whether -- top tier CEOs like eight -- Jamie Dimon was as as Citigroup is has gone to list building itself.
I -- I believe we have Charlie Gasparino on the line you can shed more light on this Charlie there.
-- You know everybody but this is gonna happen around the time of the financial crisis I mean -- remembered.
Several times saying that the group and it was on the ropes and I.
Governor if -- -- -- Bear's book.
Great she was -- clearly talked about how she was angling to push him out -- think he -- a particularly good job.
You know underestimated.
-- the battle losses that was coming at Adam and -- that was four years ago.
Since stated as you know.
Citigroup has essentially stabilized.
That's like this is kind of shocking to -- put -- -- at Citi Vikram Pandit is not one of the CEOs that blows you away in terms of you know is knowledgeable markets -- someone that you know had a lot of respect from investors that said.
Stock is stabilized.
-- got that this is just got something really -- happened over there I bet that this stuff like this -- doesn't happen.
Would stabilize the bank a bank that's systemically.
Important you know he just don't want -- change management act quickly publish something bad has happened.
And I think that's what that's what the story.
-- every reporter what I would be doing what I think this -- is going to be checking out exactly what would doubt.
This could not just be Vikram Pandit wants to spend more time -- respectively it just doesn't work like this this is like like I say this is -- stabilized institution.
Unless of course.
Something destabilizing just popped up that -- date they have some this there's some surprise loss.
-- on the other hand you know Citigroup is it is kind of a zombie bank -- -- right I mean it's not.
But do particularly well look at the stock chart rate over the stock is kind of stuck where it is sprayed.
You know is there a possibility the management that we just need to shake things up.
Possible by the way you shouldn't assume too much with John havens we've been very big group headed job hated to RT these -- that makes cents.
Although he's the senior -- its -- a guy that everybody thought would take -- its place.
If and when he stepped out on his own accord.
That's why this is so intriguing.
And if you remember Charlie -- it was a surprise choice for CEO to begin where he was primarily -- hedge fund guy went.
Thousand no no doubt I mean it can't it was considered one of the rising stars at Morgan Stanley.
He was considered the guy that was in line to possibly take over for Phil Purcell if you could go go a little history check here.
Bob Murray if you remembered what are the reasons why.
The bankers to -- Morgan Stanley -- want to push up Purcell who was prompted dean -- side that would merge with dean Witter.
He -- -- -- over John Mack John Mack was forced to leave it was an uprising inside inside Morgan Stanley.
The opera when the uprising occurred big guy that the bankers were trying to put up at a bankers like to Perella Terry -- unit would do with the top bankers it got to try to put up.
Was Vikram Pandit.
With the uprising was quelled -- Vikram Pandit was forced to -- he created actual.
But apple was out of that hedge -- Citigroup -- that -- would.
Eight way overpaid for everything that's what they do very well when they finally assumed it.
One of the reasons why they put that excellent was to bring in Vikram Pandit as a potential replacement.
For chuck prince big mastermind behind that.
Was none other than Bob Rubin who was senior board member at -- Citigroup.
So can't that's in there.
-- it's in there and that it's just a matter of time.
We takes over for for prince who obviously blows -- -- financial -- so the question is why they leave I -- -- -- -- it's happening.
-- -- some like this just doesn't happen.
Well wolf wolf find out obviously -- following it throughout the day here on the Fox Business Network Diane.
Big news a very big surprise and we'll have more as the day goes on.
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