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Citigroup's storied ceo decides to step down The news ends the biggest suCCession drama on wall street but raises a number of questions about the future of Citigroup(C)Under prince, a littleknown but highly rated lawyer. Of course, there is also the awkward matter of weill's legacy, after frontpage revelations about his embarrassing dealings with former citigroup telecom dealmaker jack grubman.And under weill, citigroup had to pay a record $400 million to settle charges that its stock analysts misled small investors. Late 1999:Citigroup ceo sanford"Sandy"Weill asks former citigroup stock analyst jack grubman to"Take a fresh look"At his rating for at weill and at chief c.Michael armstrong serve as directors on each other's boards. Nov.5:Grubman tells weill of his"Progress with at and asks for help in getting his twin daughters accepted at an elite nursery school at the 92nd street y in new york city.Three weeks later, grubman upgrades at to"Buy"From"Neutral. "Feb.10:Citigroup's salomon smith barney unit chosen to underwrite a new tracking stock for at wireless unit for nearly $45 million in fees. Feb.28:Citigroup's coceo john reed announces his retirement.Grubman claims that weill wanted support from at armstrong in a power struggle between weill and reed.24:Weill agrees to answer questions related to new york attorney general's probe of research analysts. Nov. July 16:Weill to step aside as ceo of citigroup. Source:Usa today research Weill's reputation is unlikely to fully recover even as citigroup's strong performance seems to vindicate his bold enterprise of building the world's largest financial services company, with assets of $1.1 trillion and 200 million customers in more than a 100 countries. Perhaps in tribute to weill's business acumen, citigroup stock slumped 2.8% Wednesday on investor skittishness about the handover, slicing off almost $7 billion in market value.The evaporation of a socalled weill premium accounted for almost a third of the dow's loss, underscoring the bank's undeniable influence. But the reaction surprised many. "Chuck prince has shown a superb ability in dealing with the regulatory and political issues that face christian louboutin sale financial services firms today,"Says rodgin cohen, chairman of bluechip wall street law firm sullivan cromwell. "For that he deserves the highest of marks. " Some critics, however, worry prince lacks handson experience running citigroup's myriad Free Next Day In-Store Delivery businesses, not to mention weill's legendary dealmaking savvy. "The question of whether mr.Prince will have the weill touch (More Here) sandy's business acumen and expert sense of timing will likely weigh on the stock over the near term,"Says chris siedman, analyst at friedman billings ramsey co. The 70yearold weill was quick to stress Christian Louboutin Shoes Sale Online In UK wednesday that he intends to stay on as chairman until 2006. "I don't think my brain is going to go dead this afternoon or next week,"Weill said on a conference call, adding that new management had"Better not screw up. " People with knowledge of the situation say weill decided to begin winding up an extraordinary career now that citigroup has put most of its regulatory headaches behind it, particularly with the recent signing of wall street's $1.4 billion global reform settlement, the record $400 million fine and the adoption of a number of internal reforms.Weill also orchestrated a series of management shakeups but left few clues as to who might replace him. Weill, the epitome of the imperial ceo with his famous temper and huge pay packages amounting to more than $1 billion during the 1990s, was never going to give up power easily, although he claimed wednesday he was not pushed despite up to 10 extended meetings with citigroup's board during the last three years to discuss succession. "The only way a lawyer could make it all the way to the top of citigroup is in the context of all the regulatory and political fallout we've seen postenron,"Says columbia securities law professor john coffee.