News Article Trillium News

USA Today: Big Banks Wear Targets as Citi Shareholders Meet

On April 24th, 2013 USA Today published an article about Citigroup’s (NYSE: C) annual shareholder meeting and the shareholder proposal that Trillium Asset Management, on behalf of the Benedictine Sisters of Mount St. Scholastica, along with the AFSCME Employees Pension Plan filed a with Citigroup Inc. (NYSE: C) filed, asking the company’s board of directors to explore a possible separation of one or more of its business units.

Tim Mullaney writes:

“On the surface, David Vitter and Seth Magaziner have little in common. But
Wednesday each will take a step that may recast the future of America’s
megabanks. Magaziner is a liberal Boston money manager whose employer, Trillium Asset Management, handles a stake in Citigroup for an order of nuns. Their allies will pressure management at Wednesday’s Citigroup annual meeting to study breaking up the nation’s third-largest bank by assets — a move Trillium proposed last year, but the bank kept it from a shareholder vote with regulators’ assent.

Vitter is a Republican senator from Louisiana, a Tea Party enthusiast who will join Ohio Democrat Sherrod Brown to introduce a bill to nearly double capital requirements for huge banks like Citi, which itself might force a breakup.

‘There’s irony in this all around,’ Magaziner says. ‘But it speaks to the mounting evidence that the financial system we have is bad for shareholders and society.’”

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