Struggling Citi Names Pandit CEO

Citigroup today named Vikram Pandit its new CEO. The current head of private-equity and hedge-fund investments will be charged with leading the bank's recovery from staggering losses in the subprime collapse and a 38% drop in its share price this year. The ex-Morgan Stanley president joined Citigroup in April; he replaces Charles Prince, forced out last month.

The son of an Indian businessman who came to the US at 16, Pandit worked at Morgan Stanley for 22 years before quitting in 2005 after a power struggle with then-CEO Philip Purcell, Bloomberg reports. In between banking positions, he founded a hedge fund, which Citigroup bought this year. Win Bischoff, who has been acting CEO, will become chairman, replacing Robert Rubin, who stepped into the role when Prince resigned. (More Citigroup stories.)