NEW YORK -- Citigroup Inc. Chief Executive Officer Charles O. Prince, moving to cut costs at the global financial giant, was jolted last week by an expense item from a senior executive.
Todd Thomson, chief of Citigroup's wealth-management unit, had used more than $5 million from his division's marketing budget to sponsor a new television program for the Sundance Channel, people familiar with the matter say. The program's hosts were slated to include CNBC anchor Maria Bartiromo and actor Robert Redford.
COST CRUNCH
• The Issue: Controlling expenses has become the latest headache for CEO Charles O. Prince.
• The Background: Since taking over in 2003, Mr. Prince has been hit with one problem after another, and Citigroup's stock has lagged.
• The Bottom Line: Mr. Prince has to persuade investors he has a compelling vision for the bank's future.
An angry Mr. Prince told Citigroup directors last week that the expense was among a number of lapses of judgment by Mr. Thomson -- from improper use of Citigroup's corporate jet to installing a wood-burning fireplace in his office to spending Citigroup money on functions featuring Ms. Bartiromo, according to a person familiar with the situation. Over the weekend, Mr. Prince forced out Mr. Thomson, 45 years old.
Mr. Prince declines to comment. CNBC says it and Ms. Bartiromo have no comment. Ms. Bartiromo is no longer set to host the Sundance program.
Todd Thomson, chief of Citigroup's wealth-management unit, had used more than $5 million from his division's marketing budget to sponsor a new television program for the Sundance Channel, people familiar with the matter say. The program's hosts were slated to include CNBC anchor Maria Bartiromo and actor Robert Redford.
COST CRUNCH
• The Issue: Controlling expenses has become the latest headache for CEO Charles O. Prince.
• The Background: Since taking over in 2003, Mr. Prince has been hit with one problem after another, and Citigroup's stock has lagged.
• The Bottom Line: Mr. Prince has to persuade investors he has a compelling vision for the bank's future.
An angry Mr. Prince told Citigroup directors last week that the expense was among a number of lapses of judgment by Mr. Thomson -- from improper use of Citigroup's corporate jet to installing a wood-burning fireplace in his office to spending Citigroup money on functions featuring Ms. Bartiromo, according to a person familiar with the situation. Over the weekend, Mr. Prince forced out Mr. Thomson, 45 years old.
Mr. Prince declines to comment. CNBC says it and Ms. Bartiromo have no comment. Ms. Bartiromo is no longer set to host the Sundance program.
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