New York, January 30 (FinanceEnquiry.com) - According to highly reliable sources, Citigroup's (NYSE: C) chairman Richard Parsons is planning to exit from the bank to pursue other interests. The sources also revealed that Parsons will finalize his decision by early March if he will continue as the chairman or not. Reports also suggest that the company is planning to keep the posts of chairman and CEO separate. There was, however, no official confirmation from City officials.

Parsons, who has been a director at Citigroup since 1996, assumed the office of the chairman of the bank in 2009 when the bank was staggering from the effects of the financial crisis. He was extremely successful in helping the bank to steer to safety through the troubled waters of the 2008 financial crisis. The bank had collapsed in 2008 due to bad mortgages and other controversial financial decisions. It was left with no other option than to accept tens of billions of dollars in U.S. aid. In 2011, Citigroup sprung back to make a profit of $11.3 billion.

Before joining Citigroup, Parsons served as CEO and chairman at Time Warner and was responsible for stabilizing the company after its ill-conceived merger with America Online.