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Banking, finance, and taxes

Could Charles Prince Leave As Citi CEO This Week?

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By Douglas A. McIntyre Published
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Word from TheStreet.com is that the largest shareholder of Citigroup, Prince Alwaleed bin Talal, and perhaps some Citi board members are trying to get former B of A CFO Al de Molina to take the helm in place of the beleaguered Charles Prince.

The question is why would anyone want Prince to leave now? Over the last year, Citi’s stock trailed Bank of America’s (BAC), but that has changed recently. Because of recent gains, Citi’s stock is up about 17% and BAC’s has added 21% over 12 months. If Prince announces some significant cost savings initiatives, it would not be surprising to see Citi’s shares move up handily.

Has Prince done a good job? Probably not. But, if there is any time that he is likely to get the message and do something to boost the shares it is now.

Give the guy another 60 days.

Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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