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management team gets a favorable review in an outside appraisal but some shuffling of senior executives might be needed, a report says.

The review, conducted this summer for Citigroup's board by Egon Zehnder International, was requested by the U.S. government after the government's stress tests of top banks in the spring.

The report, delivered to Citigroup's board Friday, gave strong overall marks to Citigroup's management team and to CEO Vikram Pandit in particular, the

Wall Street Journal

reports, citing people familiar with the matter.

The review, however, gave less-favorable assessments to at least two of Pandit's lieutenants, Vice Chairman Lewis Kaden and Chief Administrative Officer Don Callahan, the people said. Kaden's responsibilities include Citigroup's legal, human-resources and government-relations departments, while Callahan heads the bank's operations and technology.



reports Citigroup's board met Tuesday morning to start discussing the findings and how to respond to them. Options include removing certain executives and reassigning or clarifying their job responsibilities, but Citigroup directors also could decide not to make any changes.

The company has to inform regulators this month about Egon Zehnder's findings and how the board is responding to them, these people said, the



A bank spokesman declined to comment for the



Citigroup has received $45 billion in government funds since last October. The U.S. government owns a 34% stake in the bank.

-- Reported by Joseph Woelfel in New York


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