Rochdale Securities analyst Richard Bove commented on the ongoing disagreement between analyst Mike Mayo and executives at Citigroup, Inc (NYSE: C) in an interview with TheStreet.com.
Citigroup, Inc (NYSE: C) executives previously blocked Credit Agricole’s Mike Mayo from getting meetings with the company after Mayo made negative comments about the company, suggesting the firm needs to set-aside several billion dollars in its books to off-set certain deferred tax assets. Mayo is now scheduled to have a meeting with Citigroup, but Bove said that he does not believe Mayo will change his mind.
When being asked about whether or not Citigroup, Inc (NYSE: C) should write down any losses on its deferred tax assets, Bove said, “I don’t think so. I think that the IRS, the bank regulators, the company’s auditors are all looking at the numbers of Citigroup.” He added that the deferred tax assets are probably properly accounted for and that he had trouble believing Citigroup would actually need t owrite them down.
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 down 0.87% during mid-day trading on Monday.
