The leading internal candidate to fill the vacant CEO position at Citigroup is Vikram Pandit, the head of the bank's investment banking division, but no final decision has been made according to reports on Monday.

The only other serious candidate for the job is Chief Financial Officer Gary Crittenden, Bloomberg reported, citing a person familiar with the search. Citi wants to name a candidate before employees leave on holiday, the report stated.

Citigroup is looking to fill the vacancy left by retired CEO Charles Prince III, who left the company after Citigroup wrote down billions of dollars of assets linked to the floundering subprime mortgage market.

Pandit,50, is a former Morgan Stanley investment banker. Board member Richard Parsons, the CEO of Time Warner is leading the search.