“John Reed, the former co-chief executive and architect of the modern day Citigroup, said “managerial turmoil” at the sprawling global bank had hindered its ability to secure the Federal Reserve’s approval for its 2014 capital plans.

“Having three or four CEOs in the last decade hasn’t helped,” Mr Reed told a conference in Boston on Monday.

“The bank has been “unable to create what the Fed is looking for and when you’re talking about an institution that is large in size, diverse in activities, and has gone through a certain amount of managerial turmoil, you can well imagine that it was very difficult for them to respond to the request that they got,” Mr Reed said.

“Citi declined to comment.

“Citi has been in the spotlight after it was the only major US bank to have its capital plan for higher share buybacks and dividends blocked by the Federal Reserve on March 26. The bank’s previous chief executive, Vikram Pandit, was ousted after Citi first failed the Fed’s stress tests two years ago.”

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Read full Financial Times article here.