Citigroup board says supports its chairman

A Citibank sign is seen on the side of a branch in New York, October 8, 2008. REUTERS/Lucas Jackson

NEW YORK (Reuters) - Citigroup Inc's C.N board of directors said it supports its chairman and a newspaper report that said it was considering replacing him was "completely erroneous."

The Wall Street Journal reported on Thursday morning that the board was dissatisfied with Citigroup’s performance and was looking at replacing Sir Win Bischoff, a Citigroup director based in London.

Citigroup’s shares were trading 7 percent lower, at $8.96, on Thursday afternoon.

Richard Parsons, Chairman of Time Warner Inc TWX.N and a Citigroup board member, is a leading candidate to head the bank's board, the newspaper said.

In a rare statement from Citigroup’s board, it said it, “reiterated its full support for the company’s Chairman ... and said it looks forward to his continued leadership.”

Reporting by Dan Wilchins; Editing by Andre Grenon