Friday, November 2, 2007

Citigroup CEO Plans to Resign As Losses Grow

From The Wall Street Journal:

Citigroup Inc. Chief Executive Charles Prince is planning to resign at a board meeting Sunday, according to people familiar with the situation, as the bank faces big new losses from distressed mortgage assets.

The move would end the four-year tenure of Mr. Prince, a longtime lawyer and loyal lieutenant of former Citigroup chief Sanford Weill, who assembled the financial giant that stands as America's largest bank by assets....MORE