Citigroup Chief Is Set to Exit Amid Losses

[RamboLiberal]

Source: NY Times

Citigroup’s embattled chairman and chief executive has told senior officials at the bank that he expected to leave after an emergency board meeting this weekend, a banking industry official with ties to Citigroup said last night.

Charles O. Prince III, 57, had indicated that he expected to leave during this board meeting, this person said. Directors are also expected to discuss the possibility of another large write-off.

“The entire organization is in uproar and people have been looking for leadership,” said one Citigroup executive familiar with the situation. “The organization is waiting for something.”

“At some point, the company is worse off or better off without the guy,” this person said. “That collective point has come and passed.”


Read more: http://www.nytimes.com/2007/11/03/business/03bank.html?hp

[mahatmakanejeeves]

1. The stock has really collapsed over the last few weeks.

It has gone back to where it was the week after September 11. It was selling for $37 per share then. I think it closed today at $38.51, something like that.

[Deja Q]

2. Well, if he did the company harm, he shouldn't be given that golden parachute...

Not for giving everyone else the golden shower.

:shrug:

[Purveyor]

3. So, he is going to walk out the door with how many hundred millions? eom

[Spinzonner]

4. In corporate America

and Corporate Government nothing succeeds like failure

[baseballhead]

5. If the stock gets down to

$35 then I am putting in a huge buy order to my stockbroker. I think they are the biggest bank in the world and that is a great price.

[aquart]

6. Until we get a functioning DOJ, anyway.