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

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.

"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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