An all-new Citi board?

Citigroup (C) and Bank of America (BAC) have been re-working their boards in the wake of the financial crisis. Critics are urging more. At Citigroup, John Deutch, a longtime member of the board and a former a Central Intelligence Agency leader, will not seek re-election this year. He has taken the unusual step of urging other directors who were on the board at the time the crisis took root to also step off the board--a reasonable suggestion. Of course that group also includes chairman Richard Parsons, who isn't going anywhere. But other directors could also leave.

The list includes former AT&T CEO Michael Armstrong, Alcoa's Alain Belda, Dow Chemical Andrew Liveris, and Robert Ryan, ex-CEO of Medtronic. Chairman of Xerox Anne Mulcahy might also be a candidate. The crisis has not been fun for them or good for their reputations. They have been roundly criticized. And you can bet Parsons will be recruiting more fresh blood to the board, which still has quite a job ahead of it. Recently added directors include Jerry Grundhofer, former CEO of U.S. Bancorp, and Michael O'Neill, ex-CEO of Bank of Hawaii, which some see as the best bank in America. The annual meeting is set for April.

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