Citigroup CEO admits share price 'frustration'

15 December 2006

Citigroup's chairman and chief executive Charles Prince has admitted that he has been frustrated with the failure to increase the group's share price.

Mr Prince said that he identified with shareholders' dissatisfaction, with Citigroup's share price having increased by only seven per cent in the last year, compared with 12 and 18 per cent increases for Bank of America and JP Morgan respectively.

"We have come a long way in the last three years but that progress is not reflected in our stock price," he told a group of analysts, according to Financial News.

"I wish there was a magic wand or a short cut to cut through to where we are going as there is nothing I hate more than defending a low stock price."

Mr Prince added that the bank's consumer banking business still needed to develop further, and revealed that Citigroup was unlikely to make any large acquisitions in the US in 2007.

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