An outside review of Citigroup Inc.'s management team has concluded that it is generally in good shape but that some shuffling of senior executives may be in order, according to people familiar with the matter.
The review, done this summer for Citigroup's board by the recruiting and consulting firm Egon Zehnder International, was triggered by the U.S. government's stress tests of top banking firms last spring.
Companies found to need more capital were required to assess their managements and report the findings to federal regulators.
The Federal Deposit Insurance Corp., which has harbored concerns about the qualifications of Citi Chief Executive Officer Vikram Pandit and his top management team, required that Citigroup hire an outside firm to do the review.
Egon Zehnder's report, delivered to Citigroup's board on Friday, awarded strong overall marks to Citigroup's management team and to Pandit in particular, according to the people familiar with the matter.
The report gave less-favorable assessments of at least two members of Pandit's inner circle, Vice Chairman Lewis Kaden and Chief Administrative Officer Don Callahan, the people said.
Kaden's responsibilities include the company's legal, human resources and government relations departments. Callahan is in charge of the bank's operations and technology.
Citigroup's board met Tuesday to start discussing the findings and how to respond to them. The meeting did not yield any final decision. The options include removing certain executives and reassigning or clarifying their responsibilities, according to people familiar with the process.
It is also possible that Citigroup will decide to make no management changes.
A spokesman for Citigroup declined to comment. Callahan and Kaden were not immediately available to comment.