CNBC: Citigroup Meeting – What a Difference a Year Makes
On April 24, 2013, CNBC published a story about Citigroup’s (NYSE: C) annual shareholder meeting. Kayla Tausche writes:
“…The bulk of Wednesday’s questioning concerned not just the current turnaround, but also the well-telegraphed idea that Citigroup, ultimately, could get drastically smaller, or even break up…Boston-based Trillium Asset Management, which owns $20 million in Citi stock, proposed in November that shareholders should get to vote on a company strategy to disclose more fully the sum-of-the-parts valuation of the bank, or pursue a more rigorous restructuring. The Securities and Exchange Commission nixed the proposal on the grounds of it being too vague.
‘The argument we’ve had is—while they’ve done a lot, they need to do more,’ said Matt Patsky, CEO of Trillium, in a phone interview. ‘There’s still more opportunity to unlock value. Why not have that conversation?’ Patsky said in his conversations with Citigroup management, they expressed commitment to the existing strategy.”
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