The Federal Deposit Insurance Fund Corp. is looking to shake up Citigroup’s top management, the Wall Street Journal reported today.
According to the paper Federal officials have reached out to Jerry Grundhofer, the former U.S. Bancorp CEO who recently joined Citigroup's board, to determine his interest in the top job, according to people familiar with the matter.
The paper also reported that the FDIC, chaired by Sheila Bair, recently pressed a fellow regulator to lower the government's confidential raking of Citi's health, a move that would give regulators tighter control over the troubled bank.
Citigroup officials responded by blaming Bair for transgressing her limits of authority, the report said.
The report also detailed the level of concern of FDIC officials over the lack of senior executives at Citi with experience in commercial banking.