NEW YORK (Reuters) - 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.
Source: Reuters
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