Citigroup was rocked with a downgrade last week, that led to $369B in market value to evaporate. Naturally, the analyst responsible for the downgrade, CIBC’s Meredith Whitney’s was threatened (literally) by many investors as a result.
This weekend Citigroup’s board had an emergency board meeting, turns out the largest financial corporation in the world will write down $8-11B and as a result, CEO Chuck Prince stepped down today.
This comes five days after Merrill Lynch & Co ousted its own chief executive, Stanley O’Neal, following an $8.4 billion write-down.
Digg this Blog
Share on Facebook
WatchMojo on Twitter
WatchMojo on YouTube
Add to Favorites
WatchMojo Newsletter
PLAY
