More IR lessons from Citigroup-Mike Mayo battle

Citigroup (NYSE: C) finally came to its investor relations-senses and made top executives available to analyst Mike Mayo, who had waged a high-profile media campaign against the bank and its executives.

The campaign first centered on deferred tax assets but soon escalated. The publication of a very critical piece about Pandit (Vikram Pandit news) in the Wall Street Journal shows that Mayo has emerged victorious. The piece uses what should have been minor scuffle as a peg to discuss broader issues and to criticize Pandit's character as CEO.

"Mr. Pandit seems uncomfortable as the leader of one of the nation's biggest banks," reports the WSJ. "He shuns most interviews, and he is prone to overreact to criticism no matter the source, be it the Wall Street Journal or a minor blog." 

The piece goes on to compare him unfavorably with Goldman Sachs CEO Lloyd Blankfein and JPMorgan CEO Jamie Dimon. Double ouch.

This is perhaps unfair, but why risk it. This situation could have been avoided if Citi had a more accommodating policy toward analysts it can't agree with it. So this is terrific lesson in why you have to work with your critics, not against them.

Related Articles:
Tide turning for Citigroup CEO Vikram Pandit
Update: Citi execs to meet with analyst Mike Mayo
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Citigroup takes aim at star analyst

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