November 5, 2007
Goodbye to Chuck Prince, finally
Chuck Prince has at last stepped down from Citigroup. He could hardly have lasted much longer, given the pressure he was under even before sub-prime mortgage and credit problems hit the bank. I concluded in a column in April that: “If Citigroup has not enjoyed a period of peace at the top and growth on the bottom line by this time next year, he should walk the plank.” Well, there was no peace at the top and the further write-off of $8bn now expected at Citi puts paid to any hope of bottom line growth. So, as he realised before Sunday’s board meeting, he had to go. Jimmy Cayne of Bear Stearns is the only chief executive left from my original list of three.
