Citi's practice of not webcasting AGM 'ludicrous' - analyst

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Citigroup, which aspires 'to become the world's digital bank', will not webcast its annual meeting next week in St. Louis.

Reuters reports that of the top six U.S. banks, only Citigroup and Wells Fargo 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 comment.

To access the complete Reuters article hit the link below:

Citigroup shuns digital webcast for its shareholder meeting

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