As CEO, Prince took on many difficult issues; the combination of the sheer size of the business, a series of high-profile scandals, high operating costs, and low share prices posed a tremendous challenge. The recent heavy losses in Citi's mortgage-backed securities business was finally enough for Prince to call it quits, when he elected to retire on November 4th 2007. Euromoney.com recounts the rollercoaster of events that marked his tenure at Citi, starting with Sandy Weill's decision to name Prince as future CEO in 2003.
Weill takes hands-on retirement
Euromoney August 2003
WHEN CITIGROUP CHAIRMAN and CEO Sandy Weill announced last month that he was to hand over the role of CEO to Charles Prince, there was a slew of speculation from various interested parties. None, perhaps, was as wistful as that doing the rounds of Citi's Latin America bankers: is Chuck Prince Latin American at all?
What Citigroup needs to do next
Euromoney July 2005
Citigroup's vision of the ultimate financial company, manufacturing and selling every financial product, is lost. A series of scandals betrayed the fact that the structure Sanford Weill built had reached the limits of its manageability. Charles Prince now has a new plan to put the bank back on track. Will it work?
The importance of leadership
Euromoney July 2005
"Citigroup is still a fantastic institution. It wins more of our Awards for Excellence around the world than any other firm. But today it is less than the sum of its parts. Chuck Prince desperately needs to show he has the leadership skills to make the numbers add up again. "
Inside Citigroup’s plans for emerging markets domination
Euromoney March 2006
More than 50% of Citigroup’s corporate and investment banking revenues come from outside north America, so emerging markets are the cornerstone of its success or failure. It already dominates some areas but can it blow the competition away in every product and in every region?
Getting a mental grip on Citigroup
Euromoney April 2006
From April 18 Chuck Prince will be both chairman and CEO of Citigroup. What he might need to do is to tear down the massive edifice that Sandy Weill built.
Saudi growth: Prince meets Prince and says sorry
Euromoney May 2006
At the start of April, Chuck Prince, chairman and CEO of Citigroup, came to Riyadh to lobby the Saudi finance ministry, central bank and capital markets regulator to let the US firm back into the kingdom less than two years after Citigroup sold off its 20% stake in Samba (previously Saudi American Bank). It was one of the early big decisions of Prince’s tenure as CEO and signalled the end of Citigroup’s presence in a country where it had operated since 1955.
Street fighters battle with isolationism
Euromoney June 2006
At a time when M&A volumes are rising, a toughening up of the CFIUS could deter foreign companies looking to buy in the US. And that would take a serious chunk out of Wall Street’s fees.
20 July: Monica Wong; Awards for excellence; Reich's KFW farewell
Abigail Hofman July 2006
"... Chuck Prince of Citigroup, Jürgen Fitschen of Deutsche Bank, Walid Chammah of Morgan Stanley, and Bill Harrison of JPMorgan Chase mingled with lesser mortals..."
Apples and shuffles
Abigail Hofman November 2006
"Citigroup, America’s largest banking group, reported mediocre third-quarter results in mid-October. Net income was down by 23%, year on year. “Results from our capital markets-related businesses fell short of my expectations,” admonished chairman and chief executive, Charles Prince. Some say that when Chuck and Sallie appear on the podium together at investor presentations, it’s like witnessing a husband and wife chat show. And the dynamic duo have much to chat about because the hereditary Prince is on the warpath."
For better and for more: The corporate wife
Abigail Hofman December 2006
"Recently, Citigroup has also been having trouble with its trading profits. Third-quarter results were dragged lower by weaknesses in commodities, interest rate products and foreign exchange. Chief executive Chuck Prince harrumphed: 'Results from our capital markets-related businesses fell short of my expectations.' "
Citigroup’s management window dressing
Euromoney January 2007
Citigroup demands a much greater degree of attention than almost any other financial institution. At times, Chuck Prince must wish it didn’t. But such scrutiny is justified.
“The share price hasn’t moved for a decade. Working for Citigroup has put an extra five years onto my working life. You make a pact with the devil when you work for an investment bank, I know, but you at least expect him to keep his side of the bargain!”
- One disgruntled Citigroup banker bemoans having his retirement plans indefinitely delayed. Off the record, January 2007
The Champions League of investment banking:
Citigroup
Euromoney February 2007
Which managers are under pressure? The CEOs of two of the three largest institutions in our survey, Chuck Prince of Citigroup and Jamie Dimon of JPMorgan Chase, will not find our ‘value added’ statistics happy reading.
Todd, Maria & Citigroup
Abigail Hofman February 2007
"...One man who won’t be back shortly – or not to his Citigroup desk anyway – is Todd Thomson. Todd used to head the bank’s wealth management unit. Announcing Todd’s departure in late January, Citi’s chief executive, Chuck Prince, barked at reporters that Todd was off “because Sallie [Krawcheck] is taking his job.” In fact this turned out not to be the whole story."
The last big Latin opportunity
Euromoney March 2007
"Central America’s promise as a nascent marketplace close to the US and the reality that there are no easy purchases in big markets such as Mexico or Brazil mean that HSBC and Citigroup are willing to work hard to grow. "Target acquisitions are absolutely what we want to do and these are perfect examples of what we have done [in 2006]," says Citigroup chairman and chief executive Chuck Prince. "We’ve done that with Grupo Uno, we’ve done that with Banco Cuscatlán," he adds."
A tale of one Citi?
Euromoney March 2007
The final outcome of a much-rumoured rebranding exercise was not much of a surprise.
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