WSJ: In Citi Shake-Up, Broader Troubles

Mr. Prince's four-year tenure as Sanford Weill's successor ended yesterday with the bank engulfed in problems stemming from massive write-offs due to the turmoil in credit markets. The bank's board named Sir Win Bischoff, chairman of Citi's European operations, as interim chief executive. Senior adviser Robert Rubin will become chairman. Citigroup also said it will write off between $8 billion and $11 billion to reflect the declining value of subprime-mortgage-related securities since Sept. 30.

A special committee, including Mr. Rubin and board member Richard Parsons, chief executive of Time Warner, will conduct a search for a permanent CEO. That could be a tall order: A decade after Mr. Weill built the insurance-to-banking-to-stockbroking behemoth through a run of acquisitions, his creation remains an often-dysfunctional collection of businesses whose employees sometimes ignore or even compete against each other.


http://online.wsj.com/article/SB119419231391881723.html?mod=DBK

When will the M&A insanity EVER STOP? Wonder how much Prince will get for doing such a 'great' job?

will get a minimum $159 million for his stellar job of wrecking the company.

http://www.nytimes.com/2007/10/27/business/27payout.html?_r=1&oref=slogin

CitiGroup's bigger, innit? I expect the payout will be commensurately bigger.

now would we? Insanity rules.