Citigroup's board of directors said it had nominated four new members, including Anthony Santomero, former president of the Federal Reserve Bank of Philadelphia.

The bank, once the largest in the world, is struggling to regain its possition after posting $37.5 billion of net losses in the last five quarters.

Richard Parsons, who became Citigroup chairman on 23 February, is reconstituting the board after a series of directors decided to retire. Among the new nominees are former US Bancorp chief executive Jerry Grundhofer, former Bank of America chief financial officer Michael O'Neill, and former PIMCO chief executive William Thompson.

After the retirements and the new directors, Citigroup will have 14 directors, compared with its prior 15.