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  • Chief Executive Vikram Pandit has resigned effective immediately, the company says, to be replaced by Michael Corbat, an abrupt change that has flushed out reports of strategic disagreements between Pandit and Citi chairman Michael O'Neill.

     Vikram Pandit seen on June 18, 2012 in New York City. On Tuesday, Citigroup announced that Pandit was stepping down as CEO of the bank.