Citigroup says Rubin has retired from bank

(Reuters) - Citigroup Inc said Robert Rubin has retired from the bank.

* Said Rubin will not stand for reelection as director; will serve until current term expires.

* Rubin retires as senior counselor, effective today.

* Rubin says intends to deepen involvement in outside activities and organizations, and intensify engagement in public policy.

* Rubin says CEO Pandit is making the "tough decisions" to improve Citigroup, but that "there is still much to do".

* Rubin says did not anticipate the "extreme circumstances" that financial system now faces.