Citric is metabolized during Malolactic Fermentation ... this is not by yeast but by lactic acid bacteria. The result is an increase in diacetyl (and on the way to it, acetic acid) ... particularly at higher pH. This however is not a suitable method to try to lower citric acid content in wine. Too much diacetyl is generally a fault in wine and while one could leave the wine on the lees to then try to reduce the diacetyl, all this is not a worthwhile pursuit. Further, the acetic acid produced is vinegar.
There is no particularly good way to reduce citric acid content in wine other than blending with a wine of less acidity ... or if it got there because you added it - then not adding so much to begin with ... or if in fruit wine production - then starting with juice that does not have so much of it.
You can not precipitate citric out with acidex or anything else. Citric is just too soluble.
With citric it *is* possible to modify the hydrogen ions by use of things like calcium carbonate and shift the pH upward a bit, and while pH does influence the acid taste in wine ... the shift is slow to do so with citric and by the time you had much effect the wine would have off-flavors. Not worth it.
Malic ... yes. As Yooper said.