It's no secret that some regulators--notably Sheila Bair--are skeptical that Citigroup's management is up to the task at hand. Per the stress tests, Citigroup was required to hire a firm to assess its management team. Recruitment firm Egon Zehnder has been retained by Citigroup to carry out the comprehensive management review, notes Zack's.

Citigroup is also required "to submit a plan of action about possible managerial changes to its board and regulators by the time it reports its third quarter results in October 2009." Of course the board is already being re-made. It has hired eight new directors. There's been a lot of executive tinkering as well, with the new CFO coming on board. The big issue is whether the review will find that a change at the very top is necessary.  

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