Word: citigroup
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Financial giant Citigroup named Harvard Corporation member Robert E. Rubin ’60 its chairman yesterday. Rubin said Sunday night that the new role would not affect his position on Harvard’s seven-member governing body, telling The Crimson that he expected to stay on the Corporation for the foreseeable future...
Rubin, who has spent almost a decade at Citigroup, has drawn criticism in the past for disengagement from his role on the Corporation...
Rubin declined to speculate about what time commitment the new chairmanship would entail or how long he would remain in the post at Citigroup...
...Wall Street right now, it is ugly all around. UBS took a $3.4 billion write-down. Citigroup copped to $3.3 billion, and rumors started circulating that CEO Chuck Prince was headed for the door. Less than a week before his ouster, O'Neal explained the genesis of the malaise: "We just got too big in this area," he said. They simply kept going. In a culture where bigger only means better, it's almost hard to imagine it any other way. At least until the market comes along and rights itself...
...companies that most dramatically bucked the trend were Goldman Sachs and JPMorgan Chase. The latter's success got the most attention because its CEO, Jamie Dimon, was once in line to succeed Sandy Weill at Citigroup. According to Monica Langley's book Tearing Down the Walls, Dimon, a notoriously tough manager, got the boot after losing his temper with a fellow executive who had been rude to a colleague's wife at a 1998 corporate retreat. Prince, Weill's legal adviser, inherited the top job in his place...