You may wonder why I’m writing about this. I’m not in the business sector but Frank is. This has been in the news since the past weekend and it’s good that finally the “hush-hush” is over.
So what is this all about? Frank is with the banking giant Citigroup. He’s not directly working in the banking sector, he’s on the Wall Street part. The CEO, Chuck Prince has resigned. As people in the business sector heard, the company has taken a beating with sub-prime mortgage loans and they are writing off $11 billion. This amount of money is just too huge.
The move will surely spark some changes within the firm. It can be for the better or the other way around. Who knows what this will bring. In the meantime, we’ll just wait and see and hope for the best.