Robert E. Rubin, who was named Citigroup’s chairman after the departure of Charles O. Prince III, has moved quickly to deal with the turmoil that has engulfed the banking giant. He expressed the board’s commitment to Citigroup’s dividend, its existing strategy, and to tackling a raft of problems related to the subprime mortgage mess.
For now, the future of Citigroup rests with Mr. Rubin, who has had a celebrated career running Goldman Sachs and the Treasury Department. He is lending his credibility at a time when Citigroup is facing ballooning losses and a lack of trust.
But Mr. Rubin is also a controversial choice. He has been a top adviser to Mr. Prince and has helped shape the bank’s strategy as an influential director. In light of the recent problems, Wall Street analysts and bankers are asking several questions: What was Mr. Rubin’s role in steering the bank? Why isn’t the board holding him accountable?
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Or perhaps, Mr. Kass said, ‘the bank didn’t know how severe the problems would be.’
Among Mr. Rubin’s tasks has been to help lure top executives. Mr. Rubin played a role in attracting Vikram S. Pandit, a former Morgan Stanley investment banker who has taken over Citigroup’s investment banking unit, The Times said. But many suggested that $800 million was too much for Old Lane Partners, the hedge fund the bank bought to bring Mr. Pandit to Citigroup.

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