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U.S. markets recover from steep losses
NEW YORK, Nov. 4 (UPI) -- The board of Citigroup Sunday accepted the resignation of Chairman and Chief Executive Charles O. Prince III, The New York Times reported.
Citing a person briefed on the situation, the newspaper said the board held an emergency meeting at the global banking powerhouse's Park Avenue headquarters and replaced Prince with former Treasury Secretary Robert Rubin.
The board also appointed the chairman of its European operations, Winfried Bischoff, to serve as acting chief executive.
Sources familiar with the situation had said Prince, 57, told directors he would resign after the emergency meeting Sunday, the Times said Saturday.
Prince reportedly is shouldering responsibility for Citigroup's disappointing third quarter. The company experienced declining profits and had to write down $5.9 billion amid the subprime mortgage and credit market crisis.
Citigroup will announce Monday it is taking another $8 billion to $11 billion in write-downs, the source told the newspaper Sunday.
"The entire organization is in uproar, and people have been looking for leadership," said one Citigroup executive close to the situation.
Prince’s plans to resign were first reported on The Wall Street Journal online.
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