With the subprime issue taking its toll , Charles Prince at Citigroup decides to resign. He has been at helm of affairs at Citigroup for the last 4 years after he took over from Sandy Weil.

The hunt for the successor is on at Citigroup. A name which is getting popped is Vikram Pandit, an Indian origin banker who currently heads its investment banking division. He would be the second Indian to lead a global bank after Rana Talwar at Standard Chartered.

PTI news in economic times reports

Vikram Pandit, an Indian origin banker, is understood to be in the reckoning to head the world’s largest banking institution Citigroup, whose current CEO is reportedly planning to resign later today.

US-headquartered Citigroup, which has presence across the world including India, is holding a board meeting here today where its Chairman and CEO Charles Prince is expected to tender his resignation, media reports have said.

Charles, who has been heading the institution for about four years, is reportedly taking the responsibility for huge losses that the bank suffered during the subprime crisis earlier this year.

According to industry sources, one of the main contenders for the post of CEO, at least on interim basis, could be Vikram Pandit, who joined Citigroup just about six months back and heads its investment banking operations.

Vikram Pandit to be Citigroup’s CEO ?