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richc

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Former chairman of Citibank to be appointed chair of Lloyds Banking Group, who's largest shareholder is the British taxpayer.

http://business.timesonline.co.uk/tol/busi...?Submitted=true

Citibank market cap 20 Sept 2007: $234.80 billion

Citibank market cap 1 July 2009 : $ 16.37 billion

More about the man ...

From The Times

January 22, 2009

Sir Win Bischoff to leave early from chairmanship of Citigroup

Sir Win Bischoff said last night that he would stand down as chairman of Citigroup after overseeing the near-demise of what was once the world’s biggest bank. The move follows weeks of speculation about Sir Win’s tenure after he and other senior executives were blamed for pushing Citigroup into high-risk businesses that led to more than $20 billion (£14.3 billion) in losses.

The veteran banker has been with Citigroup since 2000 and was a member of the bank’s now-defunct operating committee, senior managers that sat below the board. Sir Win is almost certain to have been privy to the decisions that moved Citigroup into more dangerous areas of the housing market such as sub-prime mortgage-backed securities. But this month the 66-year-old said that bankers could not be completely blamed for the credit crunch that froze financial systems around the world. In an interview with BBC Radio 4’s Today programme, Sir Win said: “My view is that they [bankers] are partly to blame. There are people who feel remorse about this – there is no doubt about it. Do they all? I don’t know.â€

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