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Saturday, November 3, 2007

Citigroup board to meet, CEO may resign

November 2 2007

Citigroup's board plans an emergency meeting on Sunday, and Chief Executive Charles Prince is expected to offer to resign, according to the Wall Street Journal. There are speculations that John Thain will be the new CEO. Citigroup posted a 57% profit drop in the third quarter after taking billions of dollars in write-downs of debt tied up in the tight credit markets and defaulting mortgages. Speculation about whether Prince would leave has been swirling in the market since then. Many investors expect Citigroup to take similar, or perhaps even larger, write-offs in coming quarters. Analysts have downgraded Citigroup and other major financial institutions in recent days because of concerns about their debt holdings and potential write-offs.

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