(CNBC) Citigroup tapped Michael Corbat as its new CEO Tuesday after Vikram Pandit stunned Wall Street by stepping down from the helm of the banking giant.
The shock change at the top of the bank came just one day after Citigroup posted surprisingly strong quarterly results.
There were reports, however, that Pandit had been clashing with the board over strategy and performance. The Wall Street Journal said the board was frustrated with the performance of the institutional clients unit, among other issues.
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