When he was nominated to succeed Sandy Weill as chief executive of Citigroup, Charles Prince inherited the hottest seat in the financial services industry outside the central banks. It doesn't matter that he doesn't officially take over until next year. From now on, all eyes will be watching his every move.

A surprise choice? Not really. Prince is one of Weill's closest pals, giving his boss a "surprise" birthday party every year. Being a Friend of Sandy (FoS) counts a lot for any ambitious executive at Citigroup. Nor should his background as a lawyer be a disadvantage. Citigroup's huge business operations stretch into every big developed and semi-developed country. To say the sun never sets on Citigroup is, for once, not an exaggeration. Because the bank's activities are scrutinised by so many regulators and watchdogs, a fine legal mind in charge may be exactly what is required to give these regulators a high degree of assurance and comfort.