Chairman and CEO together or separate? Citigroup has to decide [Reuters (UK)]
Stifel Financial Corporation (SF)
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Source: Reuters
Chairman and CEO together or separate? Citigroup has to decide | Reuters 5 Min Read NEW YORK (Reuters) - JPMorgan Chase & Co ( JPM.N ) and Bank of America Corp ( BAC.N ) have placed the jobs of chairman and chief executive in the hands of one person, and now No. 3 Citigroup Inc ( C.N ) must decide whether to follow suit. The matter will be resolved in the next few months as the current chairman, Mike O’Neill, reaches 72, the company’s retirement age for directors. Citigroup CEO Mike Corbat will soon know if he will be taking on the additional duties of chairman or working for a new boss. “The change in the chairman is the biggest corporate governance decision at Citigroup in six years,” said analyst Mike Mayo of Wells Fargo. “That’s important given what we see as worst-in-class returns, efficiency and stock market valuation.” Citigroup, the third-biggest U.S. bank by assets, reports third-quarter results on Friday. Investors will be watching its progress toward cost efficiency a
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