The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Editor's letter: The shame of Robert Rubin

It must have been the shortest tenure ever in the most senior job in global banking.

Robert E Rubin became chairman of Citigroup on November 4 2007 in the wake of the ousting of Chuck Prince following the revelation of another $11 billion hit to the value of the bank’s credit assets. After just five weeks in the job, on December 11 2007, Rubin was succeeded by Sir Win Bischoff as chairman, with Vikram Pandit taking over as chief executive.

Perhaps the oddest aspect of the news announcement – aside from the lack of relevant experience of Pandit and Bischoff in taking on the top two private sector jobs in the financial world – was how both men deferred to Rubin. If there was a tricky question about board composition or dividend policy the two new appointees, after a brief flounder, let Rubin step in.

Such is the natural authority of a former secretary of the US Treasury who was, before that, co-CEO of Goldman Sachs, the world’s pre-eminent investment bank.

Citi shareholders must wish that such natural authority, and all Rubin’s insights into the greed, fear and complacency that drive financial markets, plus his wide experience of the workings of government and large private-sector banks, can now be brought to bear to fix Citi.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree