None of the executives was available for comment.

UNCLE SAM'S FINGERPRINTS

Several analysts called the management changes encouraging, though it is unclear what they signify about Pandit's job status and the government's role in running the bank.

Top government officials did not order the shake-up, though the US Federal Deposit Insurance Corp did learn about the changes Wednesday night, a person familiar with the matter said.

Citigroup is still subject to a government-ordered independent management review, the person said, suggesting that more executive changes could be forthcoming. The person lacked authority to speak publicly.

Citigroup has lost $36 billion over six quarters and received a series of federal bailouts. The bank has taken $45 billion of federal bailout money and is widely considered the least healthy major US lender.

"They've weathered the maelstrom so far" because of the government help, said Malcolm Polley, chief investment officer of Stewart Capital Partners LP. "Uncle Sam is going to put their fingerprints all over this thing."

The changes "further help in positioning our company for the future," Pandit, 52, said in an internal memo. He said the bank is making "substantial progress" in shrinking Citi Holdings and bolstering Citicorp, which includes retail and investment banking and other units the bank wants to keep.

Citigroup announced the changes less than a month after Ajay Banga, head of Asia-Pacific region operations and one of its top consumer bankers, decamped for MasterCard Inc.

"In Citigroup's 2006 annual report there was a picture of its 43 most senior executives," Barclays Capital analyst Jason Goldberg wrote on Thursday. "Only 17 remain."

... contd.