Effective immediately, Pandit will step down as CEO and as a member of the board. Michael Corbat, former chief executive for Europe, Midde East and Africa, will take over as CEO.
The announcement of Pandit's departure comes just one day after the bank reported strong third-quarter earnings. Citigroup's President and Chief Operating Officer John Havens also resigned.
In a statement, Pandit said, "Now is the right time for someone else to take the helm at Citigroup" now that the bank has "emerged from the financial crisis as a strong institution."Pandit has been CEO of Citigroup since December 2007.
Goldman Sachs (GS) is trending as the company announced solid third-quarter results that beat expectations. Goldman reported a net profit of $1.51 billion, or $2.85 a share, on $8.35 billion in revenue. Analysts had been looking for a profit of $2.12 a share and $7.3 billion in revenue. The bank also announced an increase in its quarterly dividend to 50 cents from 46 cents. CEO Lloyd Blankein said in a statement, "This quarter's performance was generally solid in the context of a still challenging economic environment."
Amazon (AMZN) is another popular search. The online marketplace said it will hire more than 50,000 seasonal workers at its U.S. fulfillment centers for the holidays. Amazon did confirm the number of employees it will hire this year is more than it hired for the 2011 holiday season. While the company did not indicate the specific types of positions that will be open, employees at fulfillment centers have a range of responsibilities, including pulling items from warehouse shelves, packing up shipments and storing new merchandise.
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