Citigroup Inc. Chief Executive Officer Vikram Pandit, who led the bank through its government rescue, stepped down and will be replaced by Michael Corbat. The bank slid in early trading.

President and Chief Operating Officer John P. Havens also resigned, the New York-based bank said today in a statement. Corbat, who led Citigroup in Europe, the Middle East and Africa, takes the helm immediately as Pandit, 55, leaves the board, according to the statement.

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