First Merrill and now Citi.
Citigroup CEO Resigns; Former Treasury Chief Named ChairmanBy Tomoeh Murakami Tse
Washington Post Staff Writer
Monday, November 5, 2007; A16NEW YORK, Nov. 4 — Citigroup has installed former Treasury secretary Robert Rubin as chairman after the widely anticipated resignation of Charles Prince, the embattled chairman and chief executive who faced mounting criticism in the wake of a $6.5 billion write-down for the third quarter.After an emergency board meeting Sunday, Citigroup, citing significant declines in the value of subprime-related securities in the past month, estimated that it would take additional write-downs of $8 billion to $11 billion.Win Bischoff, who heads Citigroup’s European operations, will serve as interim chief executive while a special committee, consisting of Rubin and three other board members, looks for a permanent replacement. [click on link above to read full article]
Filed under: Uncategorized | Tagged: subprime fallout; foreclosures, Wall Street investors
