US regulators have forced Citigroup to hire external consultants to consider whether its current management is up to the job of leading the troubled bank out of the financial crisis, in a decision that intensifies pressure on its top executives and board.

People close to the situation said Citi had retained Egon Zehnder, a headhunter and board advisory consultancy, to carry out an in-depth management review requested by the government after stress tests on banks in May.

The push for Citi to enlist external help, led by the Federal Deposit Insurance Corporation and backed by other regulators, underlines authorities’ desire to keep Citi’s upper echelons on a tight leash after rescuing the bank with $45bn. It also raises questions about the long-term future of Vikram Pandit, Citi’s chief executive who is under fire from the FDIC, and other senior executives.

People familiar with the matter said Citi had to present a plan of action about possible managerial changes to the board and regulators by the time it reports third-quarter results in October.

Citi has added eight new directors and replaced its finance chief in recent months.

Citi, the FDIC and Egon Zehnder declined to comment.

After the stress tests, regulators said the 10 banks that were found to need more capital had to review their management’s “expertise and ability to manage the risks presented by the current economic environment”.

Not all were ordered to hire external consultants. Bank of America is carrying out an internal review, according to people familiar with the matter.

Banking experts said it was not unusual for banks under close regulatory scrutiny to be asked to hire external consultants to review the strength of their managements and boards. As reported by the Financial Times last month, Citi has entered an agreement with the FDIC that increases scrutiny of the bank and requires it to fix financial, managerial and governance issues.

Additional reporting by Greg Farrell in New York