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Citigroup Adds Four To Board
Rachel Walsh
17 March 2009
Citigroup's board of directors said it had nominated four new members, including
Anthony Santomero, former president of the Federal Reserve Bank of
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.