Gasparino: Prince In
Citigroup CEO Charles Prince will get more time to help turn around the company's fortunes, according to CNBC On-Air Editor Charles Gasparino.
Gasparino's sentiments run contrary to those of "Mad Money" host Jim Cramer, who has said Prince's ouster is imminent.
"My sources aren't saying that. My sources are saying that he's got a couple more months to perform, or not perform as is usually the case with Chuck Prince, but he's clearly on the ropes, no doubt," Gasparino said Monday on CNBC's "Squawk Box." "I think if he doesn't have a good fourth quarter (he will be fired), that's what my sources are saying."
Critics have been calling for Prince's ouster as Citi has underperformed and was especially hard-hit by the credit collapse this year.
But Gasparino said Prince has been a victim as well of Citi's tangled corporate structure and the numerous areas in which it does business.
"I think there's a real problem with the model itself," he said. "He first had to kind of fix the regulatory problems inherent in the model and now he has to make the model work... This model doesn't work, you cannot manage it."