Mike Mayo to meet Citi execs Oct. 1
And so a date has been set. Analyst Mike Mayo, a thorn in the side of Citigroup (NYSE: C) executives as of late, will meet with top executives Oct. 1.
Mayo was more than willing to discuss the news on CNBC. "Citigroup has offered me a meeting October 1st. I don't know why I have not had a meeting in 2 years," he told the network.
Chief Financial Officer John Gerspach will be at the meeting and CEO Vikram Pandit will also be present for part of the discussions. That's quite a coup for a man who has had been blackballed by the company for his criticism of the bank's treatment of deferred tax assets.
Mayo has not backed away from his view that the bank needs to make a massive writedown. "What's objectively verifiable is that Citi has had over $20 billion of losses in the last three years," he said.
The bank has consistently said it was comfortable with its treatment. But the dispute got really uncomfortable when Mayo began calling for the SEC to investigate and began to talk to journalists about what he perceived as blackball treatment.
The situation was not handled well from an analysts' relations point of view. But let's hope they all make nice at the meeting.
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