Saturday, November 3, 2007

Citigroup CEO Prince to Resign In Subprime Woes

Citigroup Inc (C.N) Chief Executive Charles Prince plans to resign this weekend, the Wall Street Journal said, as the widening subprime mortgage crisis deals a final blow to a reign long under attack. The largest U.S. bank by assets plans to hold an emergency board meeting on Sunday, at which Prince will step down, the newspaper said on Friday, citing people familiar with the situation.

UPDATE - Reuters reports that Citi will take an 11 billion dollar write-down for its subprime losses
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