Citigroup's Vikram Pandit ahead in race for CEO spot: Report
Vikram Pandit, head of institutional clients at Citigroup Inc, is a front-runner for the bank's chief executive spot, according to media reports.
If Pandit were made chief executive, his ascent at Citi would be fast. He joined in July, when the largest U.S. bank closed on its purchase of his hedge fund, Old Lane Partners LP in a deal worth an estimated $800 million.
That purchase was announced in April and was widely seen as a way to deepen Citi's management ranks, as questions were arising about who would eventually succeed Charles Prince.
Prince resigned on Nov. 4, when Citi said it might face a $8 billion to $11 billion of subprime mortgage-linked write- down in the fourth quarter. The expected size of that write-down has only risen as asset values have decreased, analysts have said.
The New York Times said on Saturday that Citi's board was leading toward giving Pandit the CEO spot and Bloomberg News called him the leading candidate among insiders.
The board's four-member search committee has not reached any final conclusions, but hopes a chief executive can be named within a week, the New York Times said, citing a person briefed on the situation.
The 50-year old Pandit was previously institutional securities chief at Morgan Stanley, but left in 2005 after clashing with then-chief executive Philip Purcell.
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