NEW YORK Jan 9 Former U.S. Treasury Secretary
Robert Rubin is stepping down from his role as senior counselor
at New York-based Citigroup Inc (C.N), after nearly 10 years at
Rubin, who turned 70 in August, also had a stint as
President Clinton's economic adviser and spent 26 years at
Born in New York City on Aug. 29, 1938, Rubin has a
bachelor's degree from Harvard College and a law degree from
Yale University, and spent a year in Britain at the London
School of Economics. He and his wife have two adult sons.
This is a chronology of his career at Citigroup:
October 1999 - Rubin joined Citigroup as Chairman of the
Executive Committee of the board.
He was part of a three-person Office of the Chairman with
Sanford "Sandy" Weill and John Reed, then chairmen and co-chief
executive officers. Reed retired from Citigroup in 2000 and
Charles Prince then took over from Weill in 2003.
In a statement at the time, Weill said, "Bob's expertise,
skills and professional judgment are exactly matched to our
worldwide business strategy and we are delighted that he has
agreed to join us. As a member of the Office of the Chairman,
Bob will participate in strategic managerial and operational
matters of the Company, but will have no line
In 2006 he received $29.4 million from compensation and
stock awards -- but he faced criticism from analysts who said
it wasn't clear what he did to earn his pay.
November 2007 - Rubin was named interim chairman of Citi,
following the resignation of Charles Prince as chairman and
December 2007 - Citigroup named Vikram Pandit as chief
executive and Rubin returned to his duties as a member of the
board of directors and chairman of the executive committee.
April 2008 - Rubin and Citigroup faced increasing criticism
for their handling of the spiraling credit crunch.
In comments published in the New York Times on April 27,
after credit problems began surfacing but before they
mushroomed, Rubin said "I don't feel responsible, in light of
the facts as I knew them in my role."
August 2008 - Rubin was named senior counselor as part of
several changes to Citi's board initiated by Pandit. The
executive committee that Rubin had chaired was dissolved but
his role at the bank remained unchanged.
November 2008 - Many commentators, editorial pages,
websites and blogs were by now criticizing Rubin for his role
in the woes at Citigroup.
A Nov. 23 front-page story in the New York Times called
Rubin, a former U.S. treasury secretary in the Clinton
administration, "an architect of the bank's strategy" to chase
profit by expanding in collateralized debt obligations and
other risky products.
In an interview on PBS's Charlie Rose show on Nov. 25,
Pandit defended him: "In the 11 months that I've been in this
job as I worked with him, it's pretty clear that he doesn't
drive the execution decisions."
And on Nov. 26 the bank responded to the Times article,
labeling it "misleading and inaccurate."
December 2008 - Rubin said he will forego a bonus, along
with Pandit, after a year of heavy losses sent the bank's share
January 2009 - Rubin resigned, stepping down immediately
from his role at Citi. In a letter to Pandit, he admitted to
not having foreseen the credit crisis and market
(Reporting by Elinor Comlay; editing by Carol Bishopric)