New Boss Picked For Citigroup

Sunday, November 4th 2007, 6:37 pm
By: News On 6

NEW YORK (AP) -- Citigroup says Chairman and Chief Executive Charles Prince has retired and is being replaced as chairman by former Treasury Secretary Robert Rubin.

Sir Win Bischoff, chairman of Citi Europe, will serve as interim CEO. The announcement followed an emergency meeting of Citi's board.

Charles Prince's resignation was expected after the nation's largest banking company revealed it had to write down billions of dollars in bad debt.

Prince joins former Merrill Lynch CEO Stan O'Neal, who resigned last month, as the highest-profile casualties of the debt crisis that has cost billions at other financial institutions as well.

In a separate statement, Citi says it will take an additional $8 billion to $11 billion in writedowns. It has already said it was writing down $6.5 billion in assets.