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Report: Citigroup CEO to resign
Charles Prince, CEO of the world's largest bank, plans to resign Sunday, according to the Wall Street Journal.
November 2 2007: 9:40 PM EDT
NEW YORK (CNNMoney.com) -- Charles Prince, Citigroup Inc.'s CEO, plans to resign on Sunday, according to sources cited in a Wall Street Journal report.
The paper previously reported that the bank's board members are planning to hold an emergency meeting this weekend. The news of Prince's plans come amid worries that Citigroup (Charts, Fortune 500), which took a $2.2 billion markdown due to mortgage-backed securities and credit trading losses, will have to make further writedowns.
Robert Rubin, the former Treasury secretary who is the chairman of Citigroup's executive committee, is being considered as a possible interim replacement, according to the Journal's report.
The world's largest bank lost nearly a quarter of its market value since October, when it reported third quarter earnings had dropped 57 percent due to mortgage defaults and the summer's credit scare, according to the Journal.
Prince, who was already facing pressure from investors to raise revenue, has been scrutinized as a result of the dismal earnings report.
A Citigroup spokesperson declined comment on the Journal's report.
Citi shares tumbled Thursday after a CIBC World Markets analyst downgraded the company's stock, adding that Citigroup may have to cut its dividend.
The stock closed down 2 percent Friday to $37.73.
Wall Street banks have taken massive hits from risky mortgage securities in the third-quarter. Merrill Lynch wrote down $7.9 billion and Swiss Bank UBS wrote down $3.4 billion, warning that its fourth-quarter results may be affected by further downturns in the U.S. housing and mortgage markets.
And the crisis has turned up the heat on CEOs. Merrill chief executive Stanley O'Neal stepped down earlier this week amid mounting criticism of the firm's risk management practices. Bear Stearns CEO James Cayne is also facing scrutiny after a report in the Wall Street Journal criticized his leadership.
