What was originally intended to be a meeting of the members of the board to discuss the quarterly results took a turn for the worst on the Monday night after the tensions between the Chairman Michael O'Neill and the Cheif Executive Vikram Pandit rose beyond the yielding point.

Pandit who took offense after being criticized and blamed for not being involved in the day-to-day functioning of the bank, decided to quit the organization. O'Neill had no regrets as he didn't attempt to stop him.

Sources mentioned that Pandit had plans to retire from the bank, since April this year after O'Neill was made the head of the board. Tensions began when the CEO's pay package of over $15 million in 2011 compensation was rejected by the 55% shareholders. O'Neill however denied it to be the reason for the friction.

John Havens, a close confidant of Pandit too quit along with him resigning from his post of Chief Operating Officer for the bank. Michael Corbat was almost immediately asked to take the reins into his hand. Corbat is now the CEO of Europe, Middle East and Africa too along with his newly assumed office.

Though Pandit said that he has left the bank when it was in good shape, Michael Corbat according to analysts has a great deal to put up with. The sudden development came as a shock to the employees after it was announced on Tuesday morning to the employees, Wall Street and investors after the difference in opinions in the meeting on Monday night.

Citigroup faces a shifting regulatory environment, a weak global economy, and questions about its expenses, and many analysts and even employees at the bank wonder if the bank is too big to manage.

(AW- Anil)