Citigroup may never be the same

Citigroup said over the weekend that it will take up to $11 billion more in write downs because of subprime exposure. That comes on top of the $6 billion it took last month. So Robert Rubin, the interim chairman, and Citigroup Europe Winfried F. W. Bischoff, named interim CEO, have a lot to contend with, even as they search for a new leader. Citigroup may never be the same. Perhaps now is the time for someone to step in and finally break up the company. Shareholders may demand nothing less. For the rest of the industry, the additional write downs are ominous. Merrill Lynch and Bank of America surely must be pondering what should be disclosed at this point.

For more:
- here's the New York Times article