Sunday, November 4, 2007

Citi boss Charles Prince deposed as credit crisis deepens

From the Sunday Times of London:

...His departure threatens to trigger a fresh sell-off in shares in banks amid mounting evidence that the credit crunch is having a devastating impact on global markets.

Insiders say Citi, one of the world’s largest financial institutions with more than 300,000 staff worldwide, may tomorrow reveal further losses from sub-prime loans, and that the Securities and Exchange Commission may investigate whether it improperly juggled its books to hide the full extent of the problem....MORE

From Bloomberg:
... ``This might become a weekly occurrence, getting rid of a Wall Street CEO,'' James Ellman, who manages about $200 million as president of Seacliff Capital in San Francisco, said Nov. 2....MORE