The changes come one week before Citigroup is scheduled to report their second quarter earnings results. Analysts on average expect Citi to lose $0.26 per share, compared to $0.54 cents in the same quarter last year.

All estimates anticipate a loss, a sign of how Citi has struggled to attract believers that it can turn its operations around.

Citigroup has received the largest amount of government assistance of any bank; through the Troubled Assets Relief Programme (TARP), the Treasury Department has invested $45 billion in return for preferred stock, and received another $27 billion in preferred stock in exchange for guaranteeing losses on more than $300 billion in assets.

The US government later converted its preferred stock into common shares, becoming the largest shareholder in Citigroup and making the bank one of the best-capitalised in the world according to regulatory ratios.