BUSINESS BRIEFING / BANKING
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Citigroup Inc. has nominated four new independent directors to its board in the latest move to toughen up the bank’s oversight. The four will be up for election at the annual shareholders meeting in April.
Citigroup’s board has been widely criticized for allowing bank executives to make risky investments in the housing market and not having enough financial services experience.
The candidates are Jerry A. Grundhofer, former chairman and chief executive of U.S. Bancorp; Michael O’Neill, former chairman and CEO of Bank of Hawaii; Anthony M. Santomero, a senior advisor at McKinsey & Co. and former president of the Federal Reserve Bank of Philadelphia; and William S. Thompson Jr., former CEO of bond fund giant Pimco.
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