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 might be in order, according to people familiar with the matter.

The review, conducted this summer for Citigroup's board by recruiting and consulting firm Egon Zehnder International, was triggered by the U.S. government's stress tests of top banks last spring. Companies found to need more capital were required to conduct assessments of their management and report the findings to federal regulators.

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