Is a Reverse Stock Split Citigroup's (C) Savior?
While a reverse stock split is not usually considered a laughing matter, for Citigroup (NYSE: C) CEO Vikrim Pandit apparently it is.
At today's Barclays Finance conference when asked about a reverse stock split, which has already been approved by shareholders, Pandit joked "I forget... What happened when the other company did that?" Pandit of course was referring to AIG's (NYSE: AIG) reverse stock split, which was followed by an amazing surge in the stock.
Pandit followed up saying he was just joking and a reverse stock split would be the decision of the Board of Directors.
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