Will a new board and regulatory pressure force Citi's Pandit out?

In the fall of 2005, with Citigroup (C) shares trading around $45, hedge fund manager Tom Brown wrote a missive on his website, BankStocks.com, urging the break-up of the company that invented the financial services supermarket.

Now, with shares down more than 90 percent, new board members with fresh perspectives, and pressure from FDIC Chairwoman Sheila Bair, time could be running out for CEO Vikram Pandit to turn around Citigroup. It was recently reported that Bair has been lobbying fellow regulators for greater control over the firm, which has relied on the government for $45 billion in capital and asset guarantees on a $306 billion portfolio of real estate loans.