It was announced on Tuesday that Citigroup's (NYSE:C) CEO, Vikram Pandit, has resigned his position, effectively immediately. Fool contributor John Maxfield discusses what led to his departure, and what it means for Citigroup's shareholders going forward.

To learn more about the most-talked-about bank out there, check out our in-depth company report on Bank of America. The report details Bank of America’s prospects, including three reasons to buy and three reasons to sell. Just click here to get access.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.