Οχι δεν είναι ο Τσουπίδης είναι ο Prince της citigroup

To: All Employees
From: Chuck Prince
Date: November 4, 2007

Dear Citi Colleagues:

Today we are announcing my retirement from Citi.

I say this with sadness. Our strategy for building for the future is working - for emphasizing our international businesses, our Institutional Clients Group and our Wealth Management business, and for restarting revenue growth in our U.S. Consumer business. Our strategy to operate as a real company - not a collection of acquired businesses - with a focus on our infrastructure, our clients, and a strong unified brand and employee culture - is the right one. It is working well and is fully supported by our Board.

But, as you have seen publicly reported, the rating agencies have recently downgraded significantly certain CDOs and the mortgage securities contained in CDOs. As a result of these downgrades, valuations for these instruments have dropped sharply. This will have a significant impact on our fourth quarter financial results.

I am responsible for the conduct of our businesses. It is my judgment that the size of these charges makes stepping down the only honorable course for me to take as Chief Executive Officer. This is what I advised the Board.

It has been a privilege for me to build my career with our Company for nearly 29 years and an honor for me to have led Citi for the last four years. I am proud of what we have accomplished.

Citi is a great company with wonderful people. You have a strong and bright future. While I will no longer be privileged to share that future with you, I am confident you will achieve success after success.

With profound gratitude for all the good times we’ve had together, I wish you the very best.

Chuck