It’s at times like these that Citigroup chief exec Chuck Prince may come to lament the ambiguity of his name.
Prince stands accused of letting the Citigroup banking juggernaut career out of control on his watch. On Monday the bank revealed more than $3bn of losses, resulting principally from leveraged loans ($1.4bn), write-downs on mortgage backed securities ($250m), write-downs on CDOs ($250m), and miscellaneous trading mistakes ($600m).
With Deutsche and UBS also in confessional mode when it comes to losses, Citigroup isn’t the only bank to have done a few things wrong. But Prince is coming in for flak, along with Michael Klein and Tom Maheras, co-heads of Citigroup’s markets and banking businesses.
Should Chuck and chums go the same way as Huw Jenkins, the ex-chief exec of UBS, who was swiftly deposed earlier this week? Or are they merely innocent victims of unpredictable markets?