The Drumbeat For CEO's Exit Is Growing Louder
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CIBC analyst Meredith Whitney said that 'we believe over the near term, Citigroup will need to raise $30bn in capital through either asset sales, a dividend cut, a capital raise or a combination thereof'. And Ms Whitney thinks that it's time for Prince to go. Bloomberg quotes the analyst saying 'there's no question he has to leave. They've got to restore capital levels. They've got to invest a lot in technology. Their earnings aren't growing, their revenues aren't growing'. Whitney said that she felt that Citi stock, which closed Thursday at $38.51, is 'heading for the low 30s'.
And the CIBC analyst is not the only one who thinks that Prince should call time on his Citi career. Lee Norton, an analyst from JS Asset Management, said that 'I've been in Prince's corner for some time now, but even I'm ready for a change'. The Australian quotes Marshall Front, chairman of Front Barnett Associates, who says that 'it would relieve a psychological cloud that's been hanging over the stock for months (if Prince were to step down)'.
Roy Smith, a professor at New York's Stern School of Business, said that 'I don't see how the board can aviod thinking about a management overhaul (now), and restructuring the whole company to make it more competitive'. And Anton Schutz, president of New York-based Mendon Capital said that 'Chuck Prince was the right guy for the job when Sandy (Weill) left, but we're just not seeing improving results now. The drumbeat for Prince to leave is growing louder'.
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