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U.S. markets recover from steep losses
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.
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