News Forum

Citigroup CEO quits

 
 



Go Back   News Forum > General Discussion Forums > Business
Business Forum Citigroup CEO quits at News Forum - Reuters - Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc, and the bank said it ...

Reply
 
LinkBack Thread Tools Display Modes
Old 11-04-2007, 09:04 PM   #1
Senior Member
 
NF Reporter's Avatar
 
Join Date: Nov 2006
Posts: 67,430
Default Citigroup CEO quits

Reuters - Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc, and the bank said it may suffer an $11 billion write-down for subprime losses.



Full Story...
NF Reporter is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Old 11-07-2007, 02:52 PM   #2
Senior Member
 
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 26,324
Red face

Citigroup on the ropes?...

Does Citi have a capital crisis?
November 7 2007: Some analysts think Citigroup needs to take strong medicine - like a dividend cut - or risk further stock erosion.
Quote:
It's one of the hottest debates in the market right now: Is Citigroup short of capital? Citigroup, wounded by huge losses on mortgage-related assets and currently without a permanent CEO after Chuck Prince resigned Sunday, might lack the capital to weather a credit storm that shows few signs of abating. The bank said Sunday that losses from mortgage-backed assets could be as high as $11 billion in the fourth quarter.

Meredith Whitney, a bank analyst at CIBC, intensified the debate about Citi's capital on Monday when she declared that the company's math used to justify paying its dividend "just doesn't add up." Asked for comment, a Citigroup spokeswoman referred to recent statements in which the bank and senior executives say Citigroup has sufficient capital for now and won't cut its dividend to increase capital levels.

The scrap over Citi's capital level is a lot more than an arcane debate over a number. If Citigroup lacks sufficient capital, it means that one of the world's largest banks is vulnerable to worsening conditions in the credit markets, suggesting that other banks, too, may hit trouble.

How can this be measured? Capital is broadly defined as what's left for shareholders after subtracting a company's liabilities from its assets. For banks, capital measurements are critical, because they show how much borrowing a bank is doing, and because capital numbers indicate how much "cushion" exists to absorb losses. Bank regulators closely track capital at banks, while rating agencies carefully weigh capital levels when coming up with a rating for banks.

MORE
waltky is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Old 11-09-2007, 01:17 AM   #3
Senior Member
 
Join Date: Aug 2007
Location: Okolona, Ky.
Posts: 26,324
Question

Arabs running our banks now?

Prince Alwaleed: Why Chuck had to go
November 8 2007: In a Fortune exclusive, Citigroup's biggest single investor talks about his disappointment in Chuck Prince, the bank's colossal losses, and his views on a successor CEO.
Quote:
In the midst of staggering losses and intense public scrutiny, former Citigroup CEO Charles O. Prince III could always count on the support of the company's biggest individual shareholder: Prince Alwaleed bin Talal bin Abdul Aziz al Saud. Less than a month ago, the Saudi prince, who owns 3.6% of the company, even dismissed a sharp drop in earnings as a "mere hiccup."

But Fortune has learned that Prince Alwaleed and other major shareholders agreed last week that, if Chuck Prince didn't offer his resignation after the news of the additional $8 billion to $11 billion writedowns, they would publicly call for his ouster. In an exclusive interview, Prince Alwaleed, speaking by phone from the desert outside Riyadh, talked with Fortune's Andy Serwer and Barney Gimbel about the final days of Chuck Prince's tenure at Citigroup (Charts, Fortune 500).

Fortune: When Citigroup first reported the writedown three weeks ago, you said that you supported Citi and Chuck Prince. Do you feel like you were misled? Did the situation change? What happened there?

Prince Alwaleed: Let me tell you the facts. Basically when Citigroup pre-announced the $6 billion writeoff [Editor's note: this is not precisely the write-off that Citigroup reported on Oct. 15, but it is the figure the prince uses], Chuck Prince called me within five minutes of the announcement and informed me of that loss and I told him bluntly and openly, "Is this the end of the story? Did you think of everything?"

MORE
waltky is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
'It's up to you now': Sheehan quits NF Reporter USA News 0 05-29-2007 03:07 PM
BP CEO quits as affair exposed NF Reporter Business 0 05-02-2007 03:27 AM
Einhorn quits New Century board NF Reporter Business 0 03-08-2007 01:27 PM
Timberlake, Diaz call it quits NF Reporter Entertainment 0 01-11-2007 10:43 PM
Minnesota's Monson quits after 2-5 start NF Reporter Sports 0 11-30-2006 04:30 PM


All times are GMT -5. The time now is 12:52 PM.


Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

SEO by vBSEO 3.2.0 ©2008, Crawlability, Inc.