If you're a lobbyist, you live for the kind of opportunities presented by the financial meltdown and the subsequent rush to reform. The value and skill of lobbyists were on display for the entire industry, Congress and the rule-making bureaucracy. By some measures, the banking industry's lobbyists acquitted themselves well.

It's fair to say, the reform package that became Dodd-Frank could have been a lot worse. And there's still a lot of follow-up work to be done, as the SEC settles into its rule-making mandate. Lobbyists are as busy as ever. The real meat of new OTC derivatives regulation, for example, is still to be cooked.

So, it is a bit surprising to see Citigroup's lobbying team disperse, though the challenges of lobbying for a firm that had become a ward of the government must have been severe. Nick Calio is stepping down as chief lobbyist to become the chief lobbyist for the airline industry, the New York Times reports. Calio served in both Bush administrations and found himself in heavy demand given the crossover in the House.

In addition, "Heather Wingate, Citi's top Republican lobbyist and one of Mr. Calio longtime aides, left Citigroup in May to lead the Washington office of Nomura Holdings," notes the Times. "Jimmy Ryan, Citi's top Democratic lobbyist, left Citi in early 2009 to become a main partner at lobbying firm started by Steven Elmendorf, a veteran Democratic hand. Rob Getzoff, another Citigroup lobbyist left to join Bank of New York Mellon, and Jeff Levy moved to Ernst & Young."

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