(MENAFN) Citigroup's Inc Chairman, Michael O'Neill, announced that the company's CEO Vikram Pandit has resigned effectively and immediately from his post, reported The Economic Times.
Moreover, John Havens, the COO of the group has submitted his resignation.
Pandit was assigned as CEO of the group in December 2007; he will be replaced by Michael Corbat.
On the other hand, the group said that it generated more money in the third quarter from trading, furthermore, its lending profitability grew notably.
Even though profit dropped as the bank wrote down the value of its retail brokerage business by USD4.7 billion, however, mortgage-lending profit went up.
It is worth noting that at the end of September, Citigroup's deposits jumped 11 percent to USD945 billion from a year ago.
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