Citigroup Inc has been forced by U.S. regulators to hire external consultants who will consider whether the New York company's current management is capable of leading it out of financial crisis, the Financial Times reported on its website.

Recruitment firm Egon Zehnder has been retained by Citi to carry out a comprehensive management review that was requested by the U.S. government after its stress tests on banks in May, the paper said, citing people close to the situation.

By the time it reports third-quarter results in October, Citi has to present a plan of action about possible managerial changes to the board and regulators, people familiar with the matter told the paper.

A spokesman for Citigroup in Hong Kong declined to comment to Reuters on the report, while Egon Zehnder could not be immediately reached for comment.

Citi, last month, announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief.

(Reporting by Ajay Kamalakaran in Bangalore; Editing by Muralikumar Anantharaman)