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
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
Stan O¿Neal was forced to resign.
Before serving as Treasury secretary during the Clinton administration, Rubin was co-chairman of
Citi shares finished Friday at $37.73, down 78 cents, or 2.0%.