Citigroup Inc.’s board plans an emergency meeting for Sunday, and Chief Executive Charles Prince is expected to offer to resign, according to the Wall Street Journal, citing people familiar with the situation.

Citigroup spokesmen declined to comment on the report.

Citigroup reported a 57 percent profit drop in the third quarter after taking billions of dollars in writedowns of debt tied up in the tight credit markets and defaulting mortgages, and the bank has been under tough scrutiny since then.

Many investors expect Citigroup to take perhaps even larger losses in coming quarters.

Analysts have downgraded Citigroup and other financial institutions recently because of concerns about their debt holdings and potential write-offs.