Analyst Mike Mayo told Reuters on Wednesday that
Citigroup's practice is "ludicrous." He said the bank needs to
explain what it has learned since March, when the Federal
Reserve rejected Citigroup's plan to boost dividends and buy
back more shares, and investors should not have to fly to St.
Louis to hear it.
On Citigroup's conference call with investors on Monday, Mayo
asked CEO Mike Corbat if the annual meeting would be webcast.
Corbat said it would not be and provided no further comment.
A Citigroup spokesman declined to comment.
JPMorgan Chase & Co <JPM.N>, Bank of American Corp <BAC.N>,
Goldman Sachs Group Inc <GS.N>, and Morgan Stanley <MS.N> make
their meetings available through the Internet or telephone
Analysts say Wells Fargo, which does not provide a webcast, has
less to explain to investors than the others because it is less
complex and does not have a big investment banking business.
To be sure, Citigroup allows journalists to come to its
shareholder meetings and report potentially stock-moving
information, such as at its 2012 meeting in Dallas when the
company disclosed that a majority of stockholders had voted
against the company's executive pay practices.
Corbat, in his annual letter to shareholders in March, repeated
his earlier pledge that the company will take advantage of
digital connections between cities around the world. He said
Citigroup has an "ambitious digital agenda for our consumer and
(Reporting by David Henry; editing by Ken Wills)
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