Text of a memo sent Tuesday to Citigroup's 262,000 employees by Vikram Pandit, who resigned as CEO:

After five extraordinary years, I have decided to step down as CEO of Citi. It has been a privilege and an honor to serve Citi since December 7, 2007. Only you can understand the effort and hard work that was put in to get our company where it is today.

There is nothing better than our third quarter earnings announcement to demonstrate definitively that we have turned this company around. Yesterday's results show this clearly.

More importantly, I couldn't be more optimistic about the bank's future. Our formula has served the company well for 200 years. By going back to the basics of banking to serve the real economy, putting clients at the center of everything we do, and embracing the principles of Responsible Finance, we have put Citi in a great position for continued success.

I am proud of each and every one of you and I have the utmost confidence in your future success.

Editor's Note: See the Disturbing Charts: 50% Unemployment, 90% Stock Market Crash, 100% Inflation