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. Last Updated: 07/27/2016

Citigroup Chief Quits

WASHINGTON -- growing culture clash between risk-taking securities traders and more bureaucratic-minded commercial bankers led to the announced departure of company President Jamie Dimon this weekend and a major management reshuffling, sources close to the company said.

Dimon's resignation, scheduled to take place in two weeks, is the freshest sign of problems in the Oct. 8 merger of Citicorp and Travelers Group Inc. that created Citigroup, the nation's largest financial services firm, analysts and banking industry executives said.

Sources said that tensions between employees from Citibank and from Travelers' investment banking firm, Salomon Smith Barney Inc., have so far hindered an effective melding of their activities.