Former Wharton finance professor Anthony Santomero was just announced as one of four nominees to serve as directors of CitiGroup.
The bank, once the largest in the world, is struggling to fix itself after posting a $37.5 billion net loss in the last five quarters.
Richard Parsons, who became CitiGroup chairman Feb. 23, is reconstituting the board after a series of directors recently retired.
Among the nominees are former U.S. Bancorp CEO Jerry Grundhofer, former Bank of America Corp Chief Financial Officer Michael O'Neill and former PIMCO Chief Executive William Thompson.
The nominees, if elected by CitiGroup's shareholders at the annual meeting on April 21, will play a major role in returning the bank to profitability.
According to an article in The Wall Street Journal, Parsons said the four will be "great stewards for Citi as it navigates the ongoing challenges in the present environment and works to restore profitability."
Santomero taught at Penn for over 20 years until he left to serve as president of the Federal Reserve Bank of Philadelphia in 2000. He resigned from the post in 2006, and most recently he has been a senior adviser at consulting firm McKinsey & Co.
As CitiGroup director, Santomero would serve as the board's academic. His research during his years at Wharton centered on risk management at financial institutions.
After the retirements and the new directors, CitiGroup will have 14 directors, compared with its prior 15.
