CITI CHIEF QUITS
Citigroup chief executive officer and chairman Charles Prince stepped down after the bank warned that it could write down as much as $11 billion on subprime mortgage-related investments for the fourth quarter on top of the $6.5 billion written down for the third.
Former US Treasury Secretary Robert Rubin takes over as chairman of the board and Win Bischoff, chairman of Citigroup in Europe, becomes interim CEO. Citigroup also appointed Jorge Bermudez as chief risk officer. Bermudez
The week on Risk.net, July 14–20, 2017Receive this by email