(Reuters) - Citigroup Inc said Robert Rubin has retired from the bank.
* Said Rubin will not stand for reelection as director; will serve until current term expires.
* Rubin retires as senior counselor, effective today.
* Rubin says intends to deepen involvement in outside activities and organizations, and intensify engagement in public policy.
* Rubin says CEO Pandit is making the "tough decisions" to improve CITIGROUP (C.NY) but that "there is still much to do".
* Rubin says did not anticipate the "extreme circumstances" that financial system now faces.
