Citigroup CEO Vikram Pandit resigned today after reportedly clashing with his board. Pandit was brought in to stabilize the bank in 2007 as the banking giant became mired in financial problems. Citi survived thanks to a federal bailout, but it continues to struggle with asset quality and earnings problems. The stock, which closed today at $37.16, has lost 90% of its value during the past five years.
Paul Vigna and Colin Barr of The Wall Street Journal discuss the management change and its implications for the company’s shareholders and customers.