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Pandit stepping down as Citi CEO

NEW YORK -- Citigroup Inc. says Vikram Pandit is stepping down as CEO and a board member.

The New York bank's new CEO will be Michael Corbat, the CEO of the company's Europe, Middle East and Africa division.

Pandit says that "now is the right time for someone else to take the helm at Citigroup" after the bank "emerged from the financial crisis as a strong institution."