Friday January 9, 10:00 PM
Rubin to step down as Citigroup adviser
NEW YORK (AFP) - Former US Treasury chief Robert Rubin will step down from his special advisory role to banking giant Citigroup (NYSE: C - news) , the struggling bank said Friday.
Rubin resigned his post as a "senior counselor" immediately "and has decided not to stand for re-election as a director at Citi's annual board meeting," the company said in a statement.
Rubin, who has been an adviser on the transition team of president-elect Barack Obama, will continue to serve as a Citi director until his current term expires.
"Since joining Citi nearly 10 years ago, Bob has made invaluable contributions to the company," said chief executive Vikram Pandit.
"From the beginning, Bob has been instrumental in working with clients around the globe and forging strong relationships for our businesses. He has also been a trusted advisor to senior management as well as to me personally, and I am pleased to say Bob has agreed to continue to be available as a sounding board and resource for me and for the company."
Last month, Rubin and other top Citi policymakers agreed to forego bonuses in light of the troubles facing the ailing banking giant.
Citigroup, which was among the world's biggest financial companies before the eruption of the credit crisis, in October reported a quarterly loss of 2.8 billion dollars, its fourth straight quarter in the red.
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