Citigroup Hires Ex-Morgan Executive as CEO

Citigroup Inc. appointed a former Morgan Stanley executive, Vikram Pandit, as its chief executive yesterday, ending its search for a leader to guide the bank out of its credit quandary.

Mr. Pandit, 50, has strong credentials in capital markets but little experience with consumer banking or in heading a large corporation. He joined Citigroup in July, after it spent more than $800 million to buy a hedge fund he started less than a year earlier.

The banking giant, in a nod to concerns about Mr. Pandit's lack of seasoning, named the acting chief executive, Win Bischoff, 66, as chairman.

Mr. Pandit will face a tall order in rejuvenating Citigroup. Even before the credit crunch, the bank was under heavy pressure to show faster revenue growth and clamp down on costs.