Citi May Appoint Rubin Interim Chief

The big bank is likely to tap the former Treasury secretary while it looks for a permanent CEO, <I>The New York Times</I> reports.

Author:: TSC Staff
Publish date:: Nov 4, 2007 1:20 PM EST

Citigroup (C) - Get 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

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 Report

Citi shares finished Friday at $37.73, down 78 cents, or 2.0%.