Charles Prince couldn't unite the pieces of Citigroup Inc.'s sprawling empire, and his successor will face many of the same challenges that have stymied the outgoing CEO.
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.
In early afternoon trading on the New York Stock Exchange, shares of Citigroup were down $1.84, or 4.9%, to $35.89.