Vikram pandit

U.S. and European banks including Citigroup Inc and HSBC Holdings PLC are considering selling off

U.S. and European banks including Citigroup Inc and HSBC Holdings PLC are considering selling off parts of their businesses as they prepare for tough times ahead, the Wall Street Journal reported.

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.

Citigroup Inc, the largest U.S. bank, on Tuesday overhauled the structure of its investment bank, combining equity and debt capital markets activities.

Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc, as the bank said it may write off $11 billion of subprime mortgage losses, on top of a $6.5 billion write-down last quarter. Robert Rubin, the former U.S. Treasury Secretary who had chaired Citigroup's executive committee, was named chairman, while Sir Win Bischoff, who runs Citigroup's European operations, was named acting chief executive.

Charles Prince resigned on Sunday as chairman and chief executive of Citigroup Inc, as the bank said it may write off $11 billion of subprime mortgage losses, on top of a $6.5 billion write-down last quarter.

Citigroup Inc Chief Executive Charles Prince plans to resign this weekend, the Wall Street Journal said, as the widening subprime mortgage crisis deals a final blow to a reign long under attack. The largest U.S. bank by assets plans to hold an emergency board meeting on Sunday, at which Prince will step down, the newspaper said on Friday, citing people familiar with the situation.

Citigroup Inc, which last week forecast 60 percent declines in third-quarter earnings amid bad debt losses, said it was promoting Vikram Pandit to head banking, markets, and alternative investments, and that trading head Thomas Maheras was leaving.