| NEW YORK, April 16
NEW YORK, April 16 Citigroup Inc, which
aspires "to become the world's digital bank", will not webcast
its annual meeting next week in St. Louis.
Of the top six U.S. banks, only Citigroup and Wells Fargo &
Co do not allow investors to listen to live audio from
their annual meetings.
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
A Citigroup spokesman declined to comment.
JPMorgan Chase & Co, Bank of American Corp,
Goldman Sachs Group Inc, and Morgan Stanley 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
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)