Report: Citi Chairman Forced Pandit Out

It was the shot heard ‘round Wall Street: Citigroup CEO Vikram Pandit abruptly resigned on Tuesday—a move that senior executives say was facilitated by the company’s chairman, Mike O’Neill. According to eight senior Citi executives and other sources close to the situation, Pandit and his lieutenant, John Havens, were blindsided after O’Neill made it clear in a meeting on Monday that they would have to go—despite the party line that resignations were joint decisions. Despite several sources saying that new CEO Mike Corbat had been told to prepare three weeks ago, the transition within the ranks has been anything but smooth, with one analyst calling it the worst he’s seen in 25 years.