Chuck Prince resigned as CEO of Citigroup in an emergency meeting called by the board of Citi. This comes after the company announced a 6.5 billion dollar write down due to sub prime mortgage exposure, (Poor Business decisions). This comes exactly a week after Merrill Lynch CEO Stan O'neal retired at Merrill Lynch. Citi is also reporting that it expects an additional $5 billion to $7 billion after-tax write-down related to subprime mortgages.
For all the people who follow business news knows that Chuck Princes tunure was not a smooth ride as their were many management shake ups and many losses from bad debts and mortgages, and questions as to how he was running the company.
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