Citigroup pressured to name CEO

Dec. 8, 2007 at 8:53 AM

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.

Related UPI Stories
Latest Headlines
Trending Stories
Einstein vindicated: Scientists find gravitational waves
Vatican: Bishops not required to report abuse to police
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Dementia rates decline in U.S., researchers unsure why
'El Chapo' drug empire's alleged financial operator arrested in Mexico