Citigroup (C) Hosts Lunch With Large Investors
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Price: $138.07 +3.52%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
EPS Growth %: +35.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 2.1%
EPS Growth %: +35.2%
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According to FOX Business Network’s Charles Gasparino, Citigroup Inc. (NYSE: C) chief executive officer Vikram Pandit planned to host a lunch on Tuesday with the bank's big investors.
The bank is currently in the midst of controversy surrounding its account practices and the CEO has been under fire for his noticeable absence as Citigroup’s shares are stubbornly hovering under $5 a share.
The lunch will reportedly include Citigroup chief financial officer John Gerspach and about two dozen institutional clients of the research firm Sanford C. Bernstein at the bank’s headquarters in New York, according to Gasparino.
The report said that he Citigroup spokesman described the meeting as “private and routine,” and that it had previously been scheduled.
The firm has been surrounded by controversy since CSLA analyst Mike Mayo accused Citigroup of “cooking the books” by not accounting for tax credits known as deferred tax assets (DTA). Mayo has been closed out of meetings with Citigroup executives for his criticisms of the firm for nearly two years, but was told last week that he would be given a meeting in the near future.
Pandit and Gerspach are expected to be grilled by Mayo over its accounting of the DTAs. Mayo contests that Citigroup has improperly inflated its value with the use of the DTAs by as much as $10 billion. If Mayo is correct, the firm should be reporting massive losses.
FOX Business previously reported that the Securities and Exchange Commission has inquired at least twice over the 18 months about Citigroup’s accounting for DTAs.
The bank is currently in the midst of controversy surrounding its account practices and the CEO has been under fire for his noticeable absence as Citigroup’s shares are stubbornly hovering under $5 a share.
The lunch will reportedly include Citigroup chief financial officer John Gerspach and about two dozen institutional clients of the research firm Sanford C. Bernstein at the bank’s headquarters in New York, according to Gasparino.
The report said that he Citigroup spokesman described the meeting as “private and routine,” and that it had previously been scheduled.
The firm has been surrounded by controversy since CSLA analyst Mike Mayo accused Citigroup of “cooking the books” by not accounting for tax credits known as deferred tax assets (DTA). Mayo has been closed out of meetings with Citigroup executives for his criticisms of the firm for nearly two years, but was told last week that he would be given a meeting in the near future.
Pandit and Gerspach are expected to be grilled by Mayo over its accounting of the DTAs. Mayo contests that Citigroup has improperly inflated its value with the use of the DTAs by as much as $10 billion. If Mayo is correct, the firm should be reporting massive losses.
FOX Business previously reported that the Securities and Exchange Commission has inquired at least twice over the 18 months about Citigroup’s accounting for DTAs.
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