Sunday, November 04, 2007



NEW YORK (AP) -- Citigroup Inc. Chairman and Chief Executive Charles Prince, beset by the banking company's billions of dollars in losses from investing in bad debt, reportedly agreed to resign Sunday, and was being replaced as chairman by former Treasury Secretary Robert Rubin.


The Journal said Citi would also be announcing that it would take an additional $8 billion to $11 billion in writedowns. It has already said it was writing down $6.5 billion in assets.