Citigroup's ( C) addition Friday of three board members with deep banking experience, particularly a former New York state banking regulator, underscores the ample work still needed to be done at the troubled institution.

Citi's new directors include Diana Taylor, the former New York State superintendent of banks and current managing director of fund manager Wolfensohn Capital Partners; Timothy Collins, CEO of financial service-focused private equity firm Ripplewood Holdings; and Robert Joss, currently Stanford University's dean of its graduate business school and the former CEO of Australian bank Westpac Banking Corp.

The additional directors bring Citi's total board members to 17. CEO Vikram Pandit, who has been criticized for not bringing change quick enough to the troubled institution, is the only board member who is also a member of Citi's management.

Citi has also been criticized by regulators for not having enough commercial banking experience on its board and among its top ranks.

The three board members join four other banking-specific directors who were named in March, including former US Bancorp ( USB) Chairman Jerry Grundhofer, who was seen as potential successor to Pandit. Bank of Hawaii's ( BOH) CEO Michael O'Neill, retired Pimco CEO William Thompson and Anthony Santomero, who was most recently a senior advisor at McKinsey & Co. and a former president of the Federal Reserve Bank of Philadelphia, were also named to Citi's board at the time.

Separately, the company created a new Citi Holdings Oversight Committee, which will oversee management's strategy and execution for the disposition of assets of its so-called bad bank. O'Neill will head up the committee, along with former superintendent Taylor and Professor Joss, among the members.

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