BUSINESS
10/16/2012 12:15 pm ET

Jim Cramer On Vikram Pandit: 'They Did Force Him Out'

Jim Cramer is freaking out.

The CNBC anchor looked shaken Tuesday morning as he reported on Vikram Pandit's departure from Citigroup, claiming the company forced Pandit to step down as CEO.

"They did force him out last night. Forced him out," Cramer said on CNBC following the news, his voice breaking as he looked down. "No smoking gun. Not compensation. Just about that they didn't like where he was taking the bank at this point.... Look, I think Pandit delivered on what they wanted."

"This was the least logical, least in the works thing," Cramer also said on CNBC. "Pandit loved this job. He loved this job. That's important."

Pandit's sudden resignation elicited surprise from many on Wall Street. Just in August, Pandit said that he planned to stay at Citigroup for several years, according to The Wall Street Journal, which has reported that Pandit left the firm because the board of directors disagreed with him about the firm's overall strategy.

Cramer expressed similar shock over Twitter.

"Somethingvery wrong here. Pandit had a terrific a at $C," [sic] Cramer wrote on Twitter, adding: "I reiterate no one i know predicted this. No one. Pandit and Havens had gotten this bank in the right place."

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