NEW YORK, Nov 2, 2007 (AFP) – Citigroup Chief Executive Charles Prince is planning to resign at a board meeting Sunday, 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.
Some Wall Street investors had been calling for Prince’s departure following the bank’s subpar financial performance.
Like some of its rivals, Citigroup’s balance sheet has been hit by losses from its exposure to mortgage-backed securities, which have been ravaged by the housing downturn.
Citigroup revealed losses of 1.56 billion dollars from bet