Citigroup is engaging external consultants to evaluate its existing management team, per request of the Federal Deposit Insurance Corporation (FDIC) and other regulators. According to the Financial Times, Citi has retained advisory group Egon Zehnder to conduct a management review, with the goal of presenting possible management changes in October. The review comes on the heels of the bank stress tests conducted by the government in May that suggested a need for banks to take stock of their management situation. Citigroup has already added eight new directors to its board, but current CEO Vikram Pandit and other senior officers may come under fire in the coming months.
Regulators Lean on Citi to Examine Management
The FDIC has led Citigroup to engage an outside consultant in reviewing its existing management.
August 13, 2009