Chief of world's biggest bank quits

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After an emergency board meeting, the world's largest bank said Mr Prince would be replaced as chairman by former US treasury secretary Robert Rubin.

Sir Win Bischoff, chairman of Citi Europe, will serve as interim chief executive.

Mr Prince's resignation was expected after the company revealed it had to write down billions of dollars in bad debt.

He joins former Merrill Lynch chief executive Stan O'Neal, who resigned from the investment bank last month, as the highest-profile casualties of the debt crisis which has cost billions at other financial institutions.

In a separate statement, Citi said it would make additional write-offs of up to £5.5bn, after previously writing off £3.25bn in assets.

Mr Prince became chief executive of Citigroup in October 2003.

Many shareholders criticised him openly for much of his tenure, as Citigroup's stock lagged behind its peers while Prince executed what was called an umbrella model of corporate organisation, with several separate lines of business.

His position looked especially shaky after the company estimated on October 1 that third-quarter profit would decline about 60% to some £1.1bn after seeing nearly £3bn in credit costs and write-offs of overly leveraged corporate debt and souring home mortgages.

Mr Prince, 57, was last year paid nearly £12.5m.