Citigroup announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake.

The changes, announced on Thursday, come as Chief Executive Vikram Pandit faces intense pressure to improve performance, rebuild the executive ranks in consumer banking, and shed unwanted assets. Citigroup has lost $36 billion over six quarters and received a series of federal government bailouts.

Several analysts called the management changes encouraging, though it is unclear whether they will help Pandit keep his job and what they signify about the role the government will take in running the third-largest U.S. bank.

Edward “Ned” Kelly, who was named Citigroup CFO in March, will become a vice chairman focused on strategy and merger activity. His replacement is John Gerspach, who has been Citigroup’s controller and chief accounting officer. Gerspach is Citigroup’s fifth CFO in five years.

At Citibank, McQuade succeeds Bill Rhodes, a Citigroup senior vice chairman who will reduce his day-to-day responsibilities to focus on international operations, his specialty.

Separately, Gary Crittenden, chairman of Citi Holdings, which includes businesses that Citigroup wants to sell or wind down, will leave the bank and move to Utah to focus on family and business interests. He preceded Kelly as CFO.

“The senior management changes I am making today will further help in positioning our company for the future,” Pandit said in a statement.