The Journalreports that Citi is getting ready to nominate four "financial experts, including two former bank chief executives, to be directors as part of the overhaul of the New York company's board." They are: Chuck Prince, Stan O'Neal, Erin Callan and Jimmy Cayne's dealer. No, you wish. The actual asses waiting to be tapped are Jerry Grundhofer, former chief executive of U.S. Bancorp; Michael O'Neill, former CEO of Bank of Hawaii Corp.; and William S. Thompson, former co-head of Pimco, as well as someone with a "risk-management background," most likely a finance professor. Nothing's official yet, it'll all be subject to a shareholder vote (with partial owner US gov expected to raise questions about "the real need for some risk manager prick"), and Meredith Whitney is still said to be in the hopper.
The House Financial Services Committee Would Also Like A Word With John Stumpf
Just a friendly li'l chat.