Citi's Pandit Consolidating Power

Klein referred calls to Citigroup's press office, which declined to comment beyond the press release the bank issued Wednesday announcing his departure.

While Citi remains in the red, the bank did beat the expectation of analysts in its most recent quarter. The bank last week reported a $2.5 billion, or 54 cents a share, vs. the consensus expectation of 66-cents-a-share loss.

In addition to the management shuffle, Citi has, under Pandit, jettisoned several businesses, including CitiCapital, Diners Club International, CitiStreet and its German retail banking operation.

Separately, Citi on Monday tapped Lawrence Ricciardi, a former executive at IBM(IBM Quote) and American Express(AXP Quote), among other companies, to its board of directors.

Ricciardi, 67, is also on the board of Royal Dutch Shell(RDS-B Quote). He becomes Citi's fifteenth board member.