Citibank’s chairman and CEO Charles Prince announced his resignation Sunday, citing the subprime meltdown as the reason for his departure.

“It is my judgment that given the size of the recent losses in our mortgage- backed securities business, the only honorable course for me to take as chief executive officer is to step down,” Prince said in a statement issued by Citigroup. “This is what I advised the board.”

An interim CEO has been chosen as the nation’s #1 bank faces up to $11 billion in additional subprime writedowns.

Which CEO will the subprime meltdown take next?

Citigroup’s day of reckoning [CNNMoney]

Sourse: Citibank CEO Resigns, Additional $11 Billion In Subprime Damage Predicted [Subprime Meltdown]

                        

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