Deutsche Bank chief Josef Ackermann knocked back an opportunity to head Citigroup, according to a press report, leaving the top position open at the embattled US financial services firm since Charles Prince vacated the position over a month ago. A Financial Times article quoted “someone familiar with the matter” saying Mr Ackermann was asked if he were interested in the post of chairman and chief executive at Citigroup and that he declined. The firm previously confirmed to WealthBriefing the new leader is likely to announce significant cuts in head count across the business but did not release any numbers. Mr Prince had announced his departure from Citigroup on 5 November after the firm reported a 57 per cent or $2.8 billion decline in its third-quarter earnings. A week later Merrill Lynch confirmed Stan O'Neal would leave the brokerage firm as chairman and chief executive officer. Merrill has since appointed former NYSE Euronext head John Thain to take over from O’Neal from 1 December. The pressure for the executive displacements at both firms was blamed on the US property downturn, which exposed weak sub prime home loans heavily invested in by some Wall Street firms.