Citi May Appoint Rubin Interim Chief
Citigroup (C) - Get Citigroup Inc. Report is ¿highly likely¿ to name Robert Rubin, a former Treasury secretary, to serve as the bank¿s interim chairman, The New York Times reported Sunday, citing a person briefed on the situation.
Rubin, who chairs Citi¿s executive committee and has been a close adviser to CEO Charles Prince, would take the reins from Prince while the bank looks for a new permanent chief. Prince
is expected to resign at a board meeting Sunday, according to reports in
The Wall Street Journal
and
The New York Times
.
Calls for Prince¿s ouster have increased since the recent credit crunch forced large banks like Citi to take massive writedowns. Prince would be the second CEO of a major investment bank to leave his job in the wake of the crisis; last week
TheStreet Recommends
Merrill Lynch¿s
(MER)
Stan O¿Neal was forced to resign.
Before serving as Treasury secretary during the Clinton administration, Rubin was co-chairman of
Goldman Sachs
(GS) - Get Goldman Sachs Group Inc. (The) Report
.
Citi shares finished Friday at $37.73, down 78 cents, or 2.0%.
