facebook
twitter
rss
account
search
search
 

Citigroup pressured to name CEO

Dec. 8, 2007 at 8:53 AM   |   Comments

NEW YORK, Dec. 8 (UPI) -- Vikram Pandit and Robert Willumstad reportedly are in the running to become the new chief executive of embattled Citigroup Inc.

Citigroup's board is expected to pick the new CEO early next week, concluding a search formally begun when Charles Prince resigned Nov. 4, The Wall Street Journal reported Saturday.

Pandit currently oversees Citigroup's investment bank and alternative-investments businesses while Willumstad is a former Citigroup president.

A chaotic credit market has forced Citigroup to write down billions of dollars and a write-down of up to $11 billion more is expected in the fourth quarter, analysts and bank insiders told the Journal.

The board also needs to choose a new chairman of the board. Robert Rubin, the former U.S treasury secretary, has held the seat since Prince resigned.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Northrop Grumman developing reusable space plane for lifting spacecraft into orbit
2
Embraer refining KC-390 transport
3
Navy to test Lockheed Martin's FORTIS exoskeleton
4
Slovakia plants seed in Ukrainian gas sector
5
Iran wants to develop mini-LNG plants
Trending News
Video
x
Feedback