Never trust the weekend if you are the head of a troubled bank, or so it seems. Especially a bank wearing billions of dollars in nasty losses.
Citigroup and its CEO, Chuck Prince, are parting company after an agreed deal ahead of a board meeting in New York a few hours ago, a week after Stan O'Neal and the board of Merrill Lynch parted company with Stan walking with $US160 million. Prince has resigned, the Wall Street Journal reported, without citing its sources. Robert Rubin will be named chairman and Win Bischoff will be interim chief executive, the newspaper said. The bank will take an additional $8 billion to $11 billion in writedowns, the Journal said, without citing anyone.