Citibank Executive Resigns Amid Mortgage Crisis

Robert E. Rubin to Serve as Chairman of the Board of Citi, Sir Win Bischoff to Serve as Acting Chief Executive Officer.

Citigroup Headquarters Courtesy: eecue.com

(New York ) - Charles Prince, Chairman and Chief Executive Officer, has elected to retire from Citi.

The Board of Directors of Citigroup Inc. today announced that Robert E. Rubin, Chairman of the Executive Committee of Citi and a member of the Board of Directors, will serve as Chairman of the Board.

In addition, Sir Win Bischoff, Chairman of Citi Europe and a member of Citi's Business Heads, Operating and Management Committees, will serve as acting Chief Executive Officer.

The Board has designated a special committee consisting of Mr. Rubin, Alain J.P. Belda, Richard D. Parsons, and Franklin A. Thomas to conduct the search for a new CEO.

Mr. Prince commented, "We have made strong progress in our strategy for building for the future, evidenced in the momentum we have achieved in most of our businesses. Nevertheless, it is my judgment that given the size of the recent losses in our mortgage- backed securities business, the only honorable course for me to take as Chief Executive Officer is to step down." He says that is what he has advised the Board.

"It has been my privilege to lead this powerful diversified financial services company for the past four years and to be affiliated with the directors, shareholders and employees of Citi and its predecessor companies for the past 29 years. I am proud of the significant progress we have made in rapidly building and expanding the scope of our businesses internationally, strengthening our businesses domestically, and restoring excellent relationships with our regulators throughout the world."

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To all: Internet sources now report $50 billion gains vs $20 billion losses on mortgage funds debacle. They also point out Rubin move presages huge new payout to finance biggies based on presumptive "losses" in that debacle. SO watch yr wallet !!

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