Citigroup CEO may resign today
Citigroup Chief Executive Charles Prince is planning to resign at a board meeting today, amid growing turmoil surrounding the US banking giant, the Wall Street Journal reported late Friday.
The report, citing people familiar with the matter, said Prince, 57, after four troubled years of tenure had decided to resign before the board considered his fate.
They said Prince, 57, faced increasing pressure to get revenue up, cut costs and demonstrate that Citigroup's financial supermarket model works.
"Chuck took a very unusual move and is resigning," said one person familiar with the situation, quoted in the newspaper. "He's stepped up and done the right thing without forcing the board to act."
An earlier report by the economic daily said Citigroup was planning an emergency meeting over the weekend for undetermined reasons.
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