Citigroup Close to Picking CEO: Report

Citigroup(C Quote) could have a new captain by the middle of next week.

The financial giant's board is expected to pick a new CEO at a board meeting scheduled for Monday and Tuesday, according to a report in The Wall Street Journal Saturday that cited people familiar with the situation.

Vikram Pandit, a former Morgan Stanley(MS Quote) executive who currently runs Citigroup's investment bank and alternative-investments businesses, is the front-runner, the report said.

The bank has been looking for a replacement for former CEO Charles Prince, who was forced out last month as the company disclosed that it would have to take billions of dollars worth of writedowns related to subprime mortgages.

Citigroup's search for a new chief has turned inward after some prominent candidates outside the firm were uninterested in the job.

Former Treasury Secretary Robert Rubin is serving as Citi's chairman temporarily as the bank looks for a replacement. Although former CEO Prince served as both CEO and chairman, The Wall Street Journal wrote that Pandit isn't considered experienced enough to take both jobs initially.

Citigroup shares ended Friday down 4 cents at $34.31.