In a move that indicates Citigroup Inc.’s shift of focus to conventional banking, the bank Thursday shuffled its top management yet again, for the third time in less than a year! 

The bank promoted its Chief Accounting Officer, John C. Gerspach, to the post of its Chief Financial Officer (CFO) - the third during this year – in place of Edward J. Kelly, who had taken over the post in March. In addition, the bank also reeled in an experienced outsider, Eugene M. McQuade, with an aim to revert to traditional banking, in response governmental concerns about the bank.

Expressing their opinion about the naming of a new Citigroup CFO, investors and analysts said that Kelly’s short stint at the post raises questions about the likelihood of the bank’s embattled CEO Vikram S. Pandit Pandit lose his hold on the bank.

Senior research analyst, Jason O'Donnell, of Boenning & Scattergood Inc., said: “It's a little bit surprising," Kelly changed roles so quickly, said "It doesn't seem to be enough time to give a CFO a chance.”

It is evident that Citigroup’s top management shuffle underscores the insecurity the recession-hit bank still feels, even months after receiving three multibillion-dollar bailouts from the government - the huge losses in its consumer and credit card business might just get in the way of its return to profitability!