The Traderszone Network

Published in TZ Latest News 28 April, 2015 by The TZ Newswire Staff

Citigroup leaders win shareholder support as stock lags

Citigroup Inc (C.N) shareholders re-elected directors and overwhelmingly sided with the board on proposals at their annual meeting on Tuesday even as their stock traded for less than the company thinks it is worth. CEO Mike Corbat, in response to a question from stock analyst Mike Mayo, said the company wanted to continue repurchasing its stock while it was trading below tangible book value, but would not be hasty in selling additional assets and drawing down capital. Citigroup has pegged its tangible book value per share, a measure of its net worth, at $57.66, as of the end of March.