Reply #53: Rats Leaving Sinking Ship? Citigroup Exodus Continues [View All]

[UpInArms]

Analysts hope for end to exodus at Citigroup

http://www.marketwatch.com/news/story.asp?guid=%7BAB6CC3EF-E659-4820-8512-CCA4BE322AA4%7D&siteid=google

NEW YORK (MarketWatch) -- With the announcement of a second high-level departure from Citigroup in as many months and a slew of others within the past two years, analysts said they hope this marks the end of an exodus from the bank.

Marge Magner, chairman and CEO of the financial-services giant's global consumer division -- which accounts for 61% of earnings per share -- will leave Citigroup (C: news, chart, profile) at the end of September, the bank said late Monday.

She said she wants to consider options outside of financial services. See full story.

"No sugar coating -- the loss of Marge is disappointing," UBS analysts said. "Given consumer's importance and that everyone liked Marge, we'd expect investors to be a little concerned about the ongoing turnover at Citi."

Shares of Citigroup, a Dow Jones Industrial Average component, fell 24 cents to $43.96 in early dealings.

Magner's decision to leave follows a similar move by Robert Willumstad, who resigned last month as president and chief operating officer to pursue his goal of leading a public company. See archived story.

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