Citigroup Inc chief executive Vikram Pandit resigned overnight, after what Reuters described as months of "simmering tension" with the bank's board. He will leave the bank immediately. According to a statement, Michael Corbat, the bank's chief executive for Europe, Middle East and Africa will succeed Pandit as CEO. Royal Bank of Scotland may be close to selling a book of A$350 million in reverse mortgages, the Australian Financial Review reports. According to the report, Challenger and Macquarie Group are front-runners for the sale. The average mortgage size is about $100,000. Receivables manager Collection House has raised A$1.56 million of capital, after issuing 1.6 million new ordinary shares to sophisticated and institutional investors. Combined with money raised through its dividend reinvestment plan, the company has $2.25 million of new capital that it will use to buy debt ledgers and "moderate" its debt position. Correction: An article in yesterday's edition of Banking Day referred to QT Mutual Bank as "BBB-rated". This may have given readers the impression that QTMB's rating is BBB-. The bank's rating is BBB+. The Australian Securities and Investments Commission has fined Barclays Bank PLC $80,000 for withdrawing money from a client account instead of its own account. In January last year a representative of Barclays' London operations department requested that the Sydney office send $13.8 million. The money was withdrawn from a client segregated account by mistake and was not returned for five business days.