'Citi' full of woes!

The sub prime crisis has started showing its impact not only on the world's largest financial services companies' bottom line but also started creeping to the board rooms and top management. Merrill Lynch's Stan O'Neal was the first victim last week and this week we hear Citi's Prince quitting after the company's expected write offs to the tune of whooping $11 billion before taxes. With Bear Stearns and UBS also announcing a major rejig at the top management levels after their share of credit losses, it looks like this would be a weekly phenomenon with more CEO's coming in the 'firing' line. Added to this, the oil prices expected to reach $100 a barrel, traders are now betting on $125 and Fed trying its level best to avoid a recession in US through rate cuts. We need to wait and see what more the Wall Street has to offer.