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Shareholders resoundingly approved Citigroup's executive compensation package and other proposals at the bank's annual meeting on Wednesday, but CEO Michael Corbat sees more challenges ahead.
April 24 -
His methods differ from Occupy Wall Street, but his aim is the same: level the playing field within the U.S. financial system. Why bank analyst Mike Mayo may just be the most determined market idealist on Wall Street.
January 1
Analyst Mike Mayo has long been one of the
Mayo showed up at
"The price is still where it is, it stinks, and you guys haven't done anything for shareholders since you've been here," Russell Forenza, a shareholder and fixture at Citigroup's annual meetings, said during the first of his several trips to the microphone. (Three hours later, Corbat and O'Neill had apparently managed to win over Forenza, who told them in his last appearance that he would give them "an A" for their performance.)
Mayo, of brokerage CLSA, was apparently impressed by his fellow audience members. "People call me aggressive. But after seeing the questions here today…," he remarked, to laughter, during his first trip to the microphone.
The competition may have helped Mayo step up his game: later in the meeting, he returned to the microphone with what he called "a four-part question." O'Neill and Corbat answered patiently, as they had most of the questions Wednesday. All things considered, it's amazing the meeting only took three hours.