Citigroup, which people recall as having been in trouble since time immemorial, is seeking a blow of fresh air to its management as it tries to rope in Ms Diana Taylor to its board. The group has been under much criticism on account of alleged risk mismanagement and lack of corporate governance.

While a couple of the group’s peers, Goldman Sachs and JP Morgan Chase were able to come out in rather good shape,  unscathed out of the financial meltdown, Citigroup and Bank of America haven’t been all that lucky, or rather, diligent in dealing with the calamity. Citigroup has already used a prop from Federal Assistance, being among the first lot of corporate bigwigs to get a lease of life. But that just hasn’t been enough for the giant to get its acts together.

The wave of bad debts on housing loans and credit defaults kept mounting, even as Citigroup managed to post its profits for the second quarter with one-time gains. The group has warned of a tougher economic prospect as it heads into the second half of the year.

As one among the first set of antidotes to its miseries, Citigroup has sought to revamp its board, looking for three new executives to join its team. And Ms Diana Taylor is one of the short-listed, rather, sought after people.

Ms Taylor is the companion of New York Mayor and businessman, Michael Bloomberg. She was chosen by the White House to lead the Federal Deposit Insurance Corporation but her nomination was withdrawn. She was the Head of New York State Banking department. She has been a Director at Fannie Mae since December.

Citigroup has been in the process of overhauling its board that has been criticised for long tenures of some directors a well as on lack of banking expertise, and on its inaction towards curbing the banks’ accumulation of high risk assets that led to the present crisis. Ms Taylor’s induction has not yet been formally announced, but her addition, it is hoped, would add much value to the board as well as a much more professional image, given her expertise, record and public stature.