Report: Pandit Favored For Top Job At Citi

Dec 3 2007 | 1:29pm ET

Former hedge fund manager Vikram Pandit is the leading candidate to head Citigroup, and could be named to the top job within a week.

The New York Times reports that Pandit, who joined Citi seven months ago when it bought his Old Lane hedge fund for about $800 million, has seen his support in the four-member search committee rise, although the paper called the search “difficult,” adding that “no clear choice has emerged” to take the reins at troubled financial giant.

Pandit currently heads Citi’s alternative investments and investment banking operations. Prior to joining the firm, he was a top executive at Morgan Stanley frequently mentioned as a potential future CEO.

According to the Times, should Pandit succeed Charles Prince, who was forced out last month, Chairman Robert Rubin would likely remain in his post for some time longer. Rubin had said he expected to step down when a new leadership team was selected.

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