- Wednesday's Economic News Crunch Could Tilt Markets
- Call Me Crazy: Confessions of a Black Friday Shopper
- US Firms Hit by Payroll Taxes at Exactly the Wrong Time
- Citi Mortgage Reveals Something the US Treasury Won't
- Fed Sanguine About US Recovery, Worried on Jobs
- Amended Berkshire Filing Reveals No 'Secret' Holdings
- In Time for Holidays: More Gloom and Doom on Economy
- Holiday Guide to This Season's Smartphones
- Market Pros Reveal Top Black Friday Trades
- Citi Mortgage Reveals What Treasury Won't
- S&P to Hit 1,200 by Year-End: Chief Investor
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Facebook's Biggest-Ever Holiday Shopping Season
- Facebook's New Dual Class Structure - Slow Steps to an IPO
- 5 Big Bank Stocks Investors Should Consider: Strategists
- Gambling Drunk, Texting to Live And America's On Sale - Your Emails
- Nov. 24: Unusual Volume Leaders
- NBA D-League On The Rise
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Amended Berkshire Hathaway Filing Indicates No Secret Stock Stakes at End of Q3
- Wednesday's Economic News Crunch Could Tilt Markets
- NBA D-League On The Rise
- Japan Export Rebound Eases Fear of New Recession
- CNBC Anchor Takes a Sabbatical
- Citi Mortgage Reveals What Treasury Won't
- Rethinking Work
- Madoff—The Holiday Drink
- China Shipbuilding to Launch $937 Million China IPO
Text Size 
Citigroup's largest shareholder, Saudi Arabian Prince Alwaleed bin Talal, may want ousted Chief Executive Charles Prince to be replaced by former Citigroup CEO Sandy Weill, at least on an interim basis.
Weill and Markets and Banking CEO Michael Klein traveled on Oct. 29 in a Citigroup jet to Riyadh for talks with Alwaleed. At some point, they discussed Weill's possible return to the bank.
According to a member of Citigroup's board, the board had no interest in bringing Weill back.
Alwaleed declined to say whether he was committed to supporting Weill as Citigroup's next CEO.
Alwaleed, who had initially expressed support for Prince and Citigroup's management after the banking giant reported big writedowns, withdrew his backing and phoned Weill on learning that further writedowns were to come.
Alwaleed's stake in Citigroup [C
Loading...
()
] has lost around $4 billion in the last three weeks.
According to Robert Rubin, who assumed the role of Citigroup chairman over the weekend, Prince was not forced out of his job, but instead chose to resign, saying it was the only honorable thing to do given the continuation of losses at the company.
Rubin was formerly Treasury secretary and co-chairman at Goldman Sachs.
Sir Win Bischoff, chairman of Citi Europe and a member of Citi's Business Heads, Operating and Management Committees, will serve as acting CEO.
Print
Email
- Remember when auto shows were major events where new models could generate buzz?
- CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
- People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
- Playboy will outsource its publishing operations in a bid to become profitable again.
- A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes