Citigroup Inc. Chief Executive Officer Vikram Pandit, who ledthe bank through a U.S. bailout while reaping $261 million forhimself, was replaced by Michael Corbat, who said he may make shakeup the firm's operations.

President and Chief Operating Officer John P. Havens, 56, alsoresigned, 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 both his executiverole and his seat on the board.

The departures, announced six months after Michael O'Neillbecame chairman, remove a team that led Citigroup out of 2008'sglobal credit crisis. While Pandit posted a surprise quarterlyprofit yesterday, he suffered setbacks this year when regulatorsblocked his plan to boost dividends, shareholders rejected his paypackage and Morgan Stanley came out ahead in a multibillion- dollardispute over a jointly owned brokerage venture.