77Citigroups prince_Citigroup

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Citigroup’s Prince Resigns as CEO

Citigroup estimated this week that it would take loes of eight billion to eleven billion dollars on investments in risky housing loans.Many people who bought houses with subprime mortgages are now unable to pay them back.The estimated write-downs are for the bank’s current period, October through December.Citigroup says they represent five to seven billion dollars after taxes.The bank reported six and a half billion dollars in credit-related loes for the third quarter of the year.Charles Prince, Citigroup’s chief executive officer, resigned under preure on Sunday.He led the New York based bank since two thousand three.He tool over for Sanford Weill who built Citi into one of the world’s largest financial groups.Win Bischoff, chairman of Citi Europe and a British and German citizen, will serve as chief executive for now.Former United States treasury secretary Robert Rubin was named chairman of the board.He will help lead the search for a permanent replacement for the CEO.Charles Prince was the second head of a major bank to be forced out in recent days.Last week, Stan O’Neal resigned at Merrill Lynch after his company reported a lo for the third quarter of over two billion dollars.Merrill Lynch had to write down eight billion dollars in mortgage-related loes.Citigroup announced that it has fifty-five billion dollars worth of investments directly related to subprime mortgages.Forty-three billion dollars of that is in complex investments called collateralized debt obligations.A big problem for banks is putting a value on the mortgage-related securities that they hold.Investors are no longer interested in trading these securities.This has frozen the market for them.So banks like Citigroup depend on mathematical models to place a value on these complex investments.Credit rating agencies reacted to this week’s bad news.Moody’s Investors Service Lowered Citigroup’s credit rating one level to its third highest rating.Moody’s said the expected write-downs would result in a sizeable quarterly lo for Citigroup.(330 words)

花旗集团首席执行官普林斯辞职

本周,花旗集团估计本集团在风险住房贷款投资上损失80亿到110亿.许多借次级贷款买房的人现在无力偿还贷款.所估计的资产减记仅仅指该银行集团的当前阶段,即10月到12月期间.花旗

集团说这相当于税后的50亿到70亿美元.该银行报告第三季度信贷相关方面损失共计65亿美元.查尔斯.普林斯，花旗银行的首席执行官，迫于压力于星期日辞职。自2003年以来，他一直执掌着这家总部在纽约的银行。他的前任是桑福德．韦尔，此人曾将花旗集团打造成为世界上最大的金融集团。

花旗集团欧洲分部主席温．比塑夫目前将临时代理首席执行官一职，他具有英国和德国双重国籍。前美国财政部长罗伯特．鲁宾被任命为花旗集团董事会主席。他将帮助寻找首席执行官的永久人选。

查尔斯．普林斯是近日来第二位被迫离职的大银行总裁。上周，美林证券公司的斯坦．奥尼尔在公司报告第三季度损失20多亿美元之后，被迫辞职。美林证券公司不得不进行80亿美元次级抵押相关资产减记。

花旗银行宣称它拥有价值550亿美元与次级贷款直接相关的投资。其中430亿美元是复合投资，称作债务抵押凭证。

银行需要解决的一个重要问题是使它们所持有的次级贷款相关证券升值。投资者已经不再对这类证券的交易感兴趣。这冻结了银行的市场。因此，花旗集团之类的银行只能依赖数学模型为其复合投资赋值了。

信用评级机构对本周的坏消息作出了回应。穆迪投资者服务公司把花旗集团的信用等级降低了一级，名列第三。穆迪公司说预料之中的花旗集团资产减记将给该集团每季度带来巨额损失。