Moody's cuts Citigroup outlook to negative

SYDNEY (MarketWatch)
Moody's Investors Service late Tuesday affirmed its ratings for Citigroup Inc. but changed its outlook for the bank from stable to negative
Moody's said that it made the outlook downgrade following the resignations of Vikram Pandit and John Havens
Pandit resigned as Citigroup's chief executive officer while Havens resigned as president and chief operating officer of the bank on Tuesday
"The negative outlook reflects the risk that this unexpected management change will negatively affect Citigroup's ongoing efforts to install improved risk management practices throughout the firm," Moody's said