UPDATE 1-Citigroup says ex-CFO Crittenden departs Tuesday

NEW YORK, July 21 (Reuters) - Citigroup Inc (C.N) former Chief Financial Officer Gary Crittenden, whom the bank two weeks ago said was leaving to join a private-equity firm, departs today, Chief Executive Vikram Pandit told employees in a memo on Tuesday.

Crittenden, for years a well-regarded CFO at American Express Co (AXP.N), joined Citi in March 2007 just as Citi began suffering massive losses triggered by the mortgage crisis and then broader credit crunch. He was replaced as Citi's finance chief in March amid a broad management shakeup.

Crittenden at the time was named chairman of Citi Holdings, a collection of unwanted assets and businesses split off from Citicorp and to be sold off over time.

On July 9 the bank announced Crittenden was leaving to join a California-based private equity fund, Huntsman Gay Global Capital, and was relocating to be with his family in Salt Lake City.

Citigroup's management changes come as the bank, bailed out twice by the U.S. government to the tune of $45 billion over the past year, operates under the intense scrutiny of regulators. (Reporting by Joseph A. Giannone; Editing by Tim Dobbyn)