Citi's Pandit Consolidating Power

The departure of Citigroup(C Quote) veteran Michael Klein is the latest piece of evidence CEO Vikram Pandit is consolidating power at the troubled bank.

Klein, a 23-year veteran of the bank and one of its highest-paid executives , will leave the bank "to pursue other opportunities," Citi said in a statement Monday. Pandit stripped Klein of his management responsibilities after he became CEO, though he was complimentary of the departing executive in the bank's official statement.

"An adviser to governmental and corporate leaders the world over, Michael is a uniquely talented individual and partner, and, on behalf of the company, I thank him for his invaluable contributions to Citi, and wish him well," Pandit said. ...