Citigroup head Vikram Pandit resigned just after the company beat analysts' quarterly estimates, reports THE NEW YORK TIMES. He is succeeded by Michael Corbat.
Also out of the loop is former McKinsey head Rajat Gupta. He was convicted of insider trading and will sentenced this month. About 200 letters have gone to the court pleading for mercy. The sentencing process is being closely watched because of the signals it could send about how the legal system will deal with insider traders.