Bob Rubin's power at Citi eroding?

August 25, 2008 | By Jim Kim

We've predicted that a lot of top bank boards, which largely survived annual meetings in decent shape, would do some tinkering in response to the credit crunch. Citigroup just announced changes that seem to take some power from Robert Rubin. The board has dissolved the executive committee, a seven-member group that could act on behalf of all 15 directors without a full meeting, notes Crain's New York. Rubin chaired that committee for nine years. This appears to be the second move that took away some of his influence. He was previously a member of the Office of the Chairman, a powerful three-man group that was disbanded last year. Some people have criticized Rubin for allowing Citigroup to stumble as it has. Rubin says his power is not diminished, but perception may trump reality. We'll see if ends up on any other committees.

For more:
- here's the Crain's article