Prince had come under acute pressure from investors
Charles Prince, the chairman and chief executive of the world's biggest bank, Citigroup, has resigned.
He will be replaced as chairman by former US Treasury Secretary Robert Rubin, while Sir Win Bischoff will serve as interim CEO.
Investor calls for Mr Prince to go have increased since the bank reported a 57% drop in quarterly profits, after losses in the sub-prime mortgage market.
He is the second head of a leading US bank to step down within a week.
The head of Merrill Lynch, Stan O'Neal, resigned after reporting heavy losses.
After Mr Prince stepped down, Citigroup revealed that it was facing losses of between $8bn and $11bn in previously undisclosed losses due to a decrease in the value of its $55bn portfolio of sub-prime loans.
And it warned that there could be further losses to come in its trading positions in sub-prime mortgages if its hedging operations did not succeed.
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