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Why I’m Buying Citi After Pandit’s Exit: Weiss

Tuesday, 16 Oct 2012 | 12:24 PM ET

A change in Citigroup leadership provided the all-clear signal for investors, Stephen Weiss of Short Hills Capital said Tuesday on CNBC.

Citigroup CEO Vikram Pandit was out at Citi , a day after reporting strong quarterly earnings, along with No. 2 John Havens.

On "Fast Money , " Stephen Weiss of Short Hills Capital bought shares on the news.

Why I'm Buying Citi After Pandit Exit: Weiss
A change in Citigroup leadership provided the all-clear signal for Stephen Weiss of Short Hills Capital.

"I just didn't think Vikram Pandit was qualified to run what was one of the world's largest, most complex banks, " he said. "Neither did I think John Havens was qualified to be the No. 2 person. Both these people had institutional, equity or fixed-income experience, hardly commercial bank experience, so that's why I stayed away from it."

The shake-up at Citi changed the outlook for Weiss.

"Today, with Vikram stepping down — being pushed out , I would say — and havens following him, his No. 2 from Morgan Stanley days, I thought it sounded the all-clear, " he said. "He should've gone a long time ago."

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