yawn....guessing CEO gonna get the axe....
Citi to hold emergency board meeting: report
Friday November 2, 4:43 pm ET
NEW YORK (Reuters) - Citigroup Inc's board of directors is holding an emergency meeting this weekend, Dow Jones reported on Friday.
Citigroup's poor stock performance -- the bank's shares have fallen more than 30 percent this year, and are trading at their lowest level since April 2003 -- has left many investors urging the ouster of Chief Executive Chuck Prince.
The agenda for the weekend board meeting was not immediately clear, but the topic of write-downs may come up, the Dow Jones report said.
"You can imagine the pressure they're feeling from the market's reaction to negative news, and their continuing inability to reassure the market," said Thomas Russo, a partner at Gardner Russo & Gardner in Lancaster, Pennsylvania, which invests more than $3 billion and owns Citi shares.
The meeting comes just weeks after Citigroup reported a 57 percent decline in earnings and recorded $6.5 billion of pretax losses and writedowns in subprime mortgage bonds and other assets.
CIBC World Markets analyst Meredith Whitney on Thursday said Citi may need to raise more capital through measures including dividend cuts and assets sales. Citi's shares dropped 8 percent on Thursday and another 2 percent on Friday.
Michael Hanretta, a spokesman for Citi, declined to comment.