Citigroup is working on a shake-up of its board and US retail operations that will give a prominent role to Jerry Grundhofer, a veteran banker liked by regulators and seen as a potential successor to Vikram Pandit as chief executive.

News of the planned changes – which could see Mr Grundhofer, a former head of US Bancorp, become chair of Citi’s audit and risk committee and Citibank North America, its US banking division – come as the bank is under pressure from regulators to overhaul its management and governance.