Citigroup announced the departure of its CEO and chairman Charles Prince during an extraordinary meeting on Sunday, as the company unveiled between $8 bn and $11 bn of further losses in addition to the $5.9bn of bad debts it had previously announced due to the fallout of he sub-prime mortgage crisis.
Citigroup announced the departure of its CEO and chairman Charles Prince during an extraordinary meeting on Sunday, as the company unveiled between $8 bn and $11 bn of further losses in addition to the $5.9bn of bad debts it had previously announced due to the fallout of he sub-prime mortgage crisis.
Former US treasury secretary Robert Rubin will takeover as chairman, while former Schroders' head Sir Win Bischoff becomes CEO. Prince is not the first casualty of the US subprime mortgage crisis. Last week, his rival Stan O'Neal stepped down as head of US investment bank Merrill Lynch.
