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Vikram Pandit, the former investment banker who led Citigroup through its $45 billion federal bailout and subsequent recovery, has stepped down as CEO and has relinquished his board position, Citigroup’s Board of Directors announced Tuesday in a release.  President/COO John P. Havens, who was planning a year-end retirement, will also leave the bank. Both resignations are effective immediately.

Michael Corbat, who previously served as Citigroup’s CEO of Europe, Middle East and Africa, was named the new CEO and a board director.

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