SHARES FALL

Rubin quits Citigroup

01-10-2009 | REUTERS

Panama Star NEW YORK. Robert Rubin, the former U. S. Treasury Secretary, has resigned from Citigroup Inc, following months of criticism of his performance at the bank.

Rubin, 70, is stepping down immediately as senior counselor at New York-based Citigroup. He will remain a director until Citigroup's annual meeting later this year. Rubin joined the bank in 1999.

In a letter to Chief Executive Vikram Pandit, he admitted to not having seen the recent deterioration in markets.

"My great regret is that I and so many of us who have been involved in this industry for so long did not recognize the serious possibility of the extreme circumstances that the financial system faces today," Rubin wrote.

Many commentators, editorial pages, websites and blogs have faulted Rubin for Citigroup's problems.

In late afternoon trading, Citigroup shares were down 35 cents, or 4.9 percent, at $6.81 on the New York Stock Exchange.