Not even Robert Rubin could save Citi. And now there's nothing he can do except leave with what's left of his reputation. One money manager told Business Week: "He ruined his career, he is resigning in disgrace." He was the chair of the executive committee since 1999. Under his aegis, Citi lapsed into regulatory hot water and never fulfilled its universal ambitions. And then the credit crunch hit, exposing even more weakness.

Some think his departure signals a vote of no-confidence, that Citi is heading for even tougher times. Some of the criticism of Rubin was unfair to be sure; there was a clause in his contract preventing day-to-day influence. Still, it seems like a good time for fresh thinking. You have to wonder if the board feels any urgency at all. Rubin of course was well compensated. He earned roughly $115 million during his tenure at Citi.

For more:
- here's the Business Week article
- here's some analysis from Forbes

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