Citigroup Inc yesterday announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 per cent equity stake.

The changes come as chief executive Vikram Pandit faces heavy pressure to improve performance and shed unwanted assets after Citigroup got a series of government bailouts and posted US$36 billion of losses in the six quarters ended March 31.

Edward 'Ned' Kelly, who became chief financial officer in March, will become a vice-chairman focused on strategy and merger activity.

The new CFO will be John Gerspach, who has been controller and chief accounting officer. He will be Citigroup's fifth CFO in five years.

Citigroup also hired Eugene McQuade as chief executive of Citibank. Gary Crittenden, who has been chairman of Citi Holdings, will leave the bank. - Reuters