October 2, 2010 / 3:27 AM / 9 years ago

Citi says CEO, CFO "rebutted" Mayo's criticisms in meeting

NEW YORK, Oct 1 (Reuters) - Citigroup Inc (C.N) said it “very clearly” rebutted prominent bank analyst Mike Mayo’s criticisms in a much-publicised meeting with top executives.

Mayo, a long-time Citigroup critic with brokerage CLSA Asia-Pacific Markets, renewed his criticisms of the bank this summer for not taking a writedown on its deferred tax assets, and for shutting him out of meetings with top executives for two years. [ID:nN2992098]

His complaints drew public attention, and on Friday afternoon he and several investors met Citigroup Chief Executive Officer Vikram Pandit and Chief Financial Officer John Gerspach.

“(Mayo) raised several topics that he has written about recently in his research reports. He has been flat-out wrong and those criticisms were rebutted very clearly,” Citigroup spokesman Jon Diat wrote in an emailed statement on Friday.

“We had a productive dialogue with the investors,” Diat said.

A spokeswoman for Mayo said earlier on Friday that he was unavailable to discuss the meeting and would publish a report about it on Monday.

Shares of Citigroup closed up almost 5 percent at $4.09 on Friday.

Reporting by Maria Aspan, editing by Jonathan Thatcher

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below