Here are four quick observations following Vikram Pandit’s surprise resignation as Citigroup CEO:
1. The bank deserves high marks for projecting a positive and consistent message from what was surely a contentious and tense situation.
Abrupt CEO resignations come amid difficult board meetings, harsh words and 
hard negotiations. But this morning’s news release was solid and on-message, with an emphasis on Citi’s progress under Pandit’s leadership and confidence aobut his successor, Michael Corbat. If the message to customers and employees takes a similar approach, Citi has won the first day.
2. By not having an investor call or news conference, Citi is wisely offering few opportunities to show its wounds publicly.
But there will be pressure in the days to come for the bank to reveal more about the reasons for Pandit’s exit. And there will be a spotlight on anything Mike Corbat does, even a routine client meeting. The bank should manage the media process assertively, and offer access to executives and board members on its terms.
3. There is some risk of adverse news but I’d assign it a low probability. Citi’s possible role in the LIBOR rigging scandal would not come as a shock, and the bank has been under such close scrutiny by regulators that an operating issue seems unlikely too.
4. Look for a new narrative to emerge. Citi’s narrative with Pandit at the helm was that of a bank that had stabilized after being pushed to the brink of collapse. His tenure was linked to the financial crisis in a way that, ironically, those of longer-serving peers like Lloyd Blankfein and Jamie Dimon were not. Citi now has a chance to shape a post-crisis narrative with a seasoned, traditional banker at the helm. Look for more of that narrative to take form in the weeks ahead.