After rumors swirled Wednesday morning that Citigroup Inc. CEO
Charles Prince was being pushed out the door, Reuters reported that the
speculation is not true. Citigroup spokesman Mike Henrietta said Prince will
not be forced out of his position. The announcement came on the heels of a
disappointing third quarter for the New York-based financial services company.
Citigroup took a $1.56 billion mortgage securities loss in the third quarter,
resulting in a fall of net income by 57% to $2.38 billion. Analysts and
stockholders have been calling for the resignation of Prince because of the
lackluster performance of Citigroup over the last couple of years. —
Gerald Magpily
See
story from Reuters
See
Oct. 1 Dealscape posting: Citi's Chuck Prince stops dancing
See related story from Dealbook
Continue reading below
