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'Marketplace' Report: Citigroup Rattles Market

Stocks are down in reaction to the shakeup at Citigroup, one of the world's largest banks.

Marketplace's Jill Barshay says the company wrote off as much as $11 billion dollars in debt. The company's losses are from bonds tied to subprime mortgages.

Citigroup CEO Charles Prince resigned Sunday and former Treasury Secretary Robert Rubin stepped in as chairman of the board in the hopes of putting the company back on the right track.

Citigroup's retail banking side is separate from its investment side and should not be affected by the debt issue, Barshay says. For now, the relatively small retail side will operate as it did before, but there has been talk of selling the division to another company.

Barshay talks to Alex Cohen about the situation at Citigroup.

Copyright 2023 NPR. To see more, visit https://www.npr.org.

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