One of the government's first moves when it assumed its influence at Citi was to make sure the company strengthened its board. It just proposed four independent directors: Jerry Grundhofer, retired CEO of U.S. Bancorp; Michael O'Neill, retired CEO of Bank of Hawaii; Anthony Santomero, former president of the Federal Reserve Bank of Philadelphia; and William Thompson Jr., retired CEO of PIMCO. They certainly have some banking expertise, which is good.

Meanwhile, it was announced that three of the current 15 directors will not stand for re-election in April. The new 14-person board will have its work cut out for it. Chairman Richard Parsons has said that he wants a majority of independent directors. It'll be interesting to see if other banks move in this direction. 

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