Citigroup, Inc (NYSE: C) executives including Chief Executive Officer Vikram Pandit and Chief Financial Officer John Gerspach “very clearly” rebutted the criticisms made by analyst Mike Mayo while meeting with him on Friday, said company spokesman Jon Diat in a statement on Friday.
CLSA analyst Mike Mayo has previously criticized Citigroup for failing to take write-downs on its deferred tax assets. As a result Citigroup, Inc (NYSE: C) shut Mayo out of meetings with top executives at the company for over two years. When his complaints drew significant public attention, Mayo won a meeting with Citigroup’s top executives, which occurred Friday.
Mayo “raised several topics that he has written about recently in his research reports. He has been flat-out wrong and those criticisms were rebutted very clearly,” said Citigroup spokesman Jon Diat. “We had a productive dialogue with the investors,” Diat said.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. The Company provides consumers, corporations, governments and institutions with a range of financial products and services. As of December 31, 2009, Citigroup had approximately 200 million customer accounts and did business in more than 140 countries. Citigroup operates through two primary business segments: Citicorp, consisting of its Regional Consumer Banking (RCB) businesses and Institutional Clients Group (ICG), and Citi Holdings, consisting of its Brokerage and Asset Management (BAM), Local Consumer Lending (LCL), and Special Asset Pool (SAP). In April 2010, Barclays PLC acquired Italian credit card business of Citibank International Bank plc. In May 2010, the Company announced the creation of a new Collateral Management Services unit within its Securities and Fund Services business.
Shares of Citigroup, Inc (NYSE: C) traded up 4.60% during mid-day trading on Friday.
