Regulators, led by the Federal Deposit Insurance Corp., have forced Citigroup to hire external consultants to perform an in-depth management review following bank stress tests in May, the Financial Times reported on its Web site Thursday, citing unnamed people close to the situation.

Citi has retained headhunter and board advisory consultancy Egon Zehnder to carry out the review, the FT reported the people as saying.

Citi has to present a plan of action on possible managerial changes to the board and regulators by the time of its third-quarter results in October, people familiar with the matter said, the FT reported.

Citi, the FDIC and Egon Zehnder declined to comment, the FT said.

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