March 16, 2009 / 1:17 PM / 11 years ago

Citigroup's board nominates four new directors

The logo over a Citibank branch is pictured in Chicago March 10, 2009. REUTERS/John Gress

NEW YORK (Reuters) - Citigroup Inc’s (C.N) board said it had nominated four new directors, including Anthony Santomero, former president of the Federal Reserve Bank of Philadelphia.

The bank, once the largest in the world, is struggling to fix itself after posting $37.5 billion of net losses in the last five quarters.

Richard Parsons, who became Citigroup chairman on February 23, is reconstituting the board after a series of directors decided to retire. Among the new nominees are former U.S. Bancorp (USB.N) CEO Jerry Grundhofer, former Bank of America Corp (BAC.N) Chief Financial Officer Michael O’Neill, and former PIMCO Chief Executive William Thompson.

After the retirements and the new directors, Citigroup will have 14 directors, compared with its prior 15.

Reporting by Dan Wilchins; Editing by Lisa Von Ahn

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