A Job Loss (at Citi) We Don't Mind

Just posted at Reuters. Hat-tip, again, to Larry P.

Robert Rubin quits Citigroup; Citi’s shares drop

NEW YORK (Reuters) – 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, Rubin praised management for making the “tough decisions” to restore Citigroup to health. But 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.

Read the rest of the article.