Financial Winners and Losers: Citigroup

Updated from 3:23 p.m. EDT

Bank stocks finished mixed Monday, the deadline for firms to submit capital plans after the government's stress tests, after Citigroup (C Quote) said it would commence its $58 billion stock swap.

Citigroup, which came under fire last week following a report that the Federal Deposit Insurance Corp. was pushing for a shake-up of Citigroup's top management, is set to start a $58 billion stock swap later this week.

While reports said the swap was delayed by the FDIC's questioning of CEO Vikram Pandit's leadership, Citigroup said Monday afternoon that press reports suggesting that federal banking agencies delayed these approvals "are entirely incorrect."

Citigroup shares, which were removed from the Dow Jones Industrial Average and replaced by the Travelers Companies (TRV Quote) Monday, relinquished early gains and finished down 1.2% to $3.42. Travelers shares, meanwhile, ended 1.1% higher at $43.92.

Monday also was the deadline for banks ordered to raise capital after government stress tests to submit detailed plans to regulators.

The Wall Street Journal noted banks must deliver an equally in-depth review of their management, which has caused a headache for several banks, according to the report.

Several top banks, including Citigroup and Bank of America (BAC Quote), have had to assess top executives and directors "to assure that the leadership of the firm has sufficient expertise and ability to manage the risks presented by the current economic environment," regulators said when they released the stress-test results. Bank of America recently replaced several directors and at least one senior executive, while Citigroup added a few new directors to its board.