Wells Fargo's Mayo: Fire Citigroup's Board

The transcript discusses Citigroup's financial metrics, comparing them to other banks like JP Morgan and Credit Suisse. It highlights issues with Citigroup's virtual annual shareholder meeting and criticizes the current board, calling for new perspectives and shareholder advocacy. The new CEO, Jane Fraser, is seen as a potential change agent, with plans to sell consumer operations in Asia and Mexico. The need for restructuring beyond management is emphasized, along with the call for fresh blood on the board to improve oversight and performance.

What is the main issue highlighted about Citigroup's annual shareholder meeting?

• It is scheduled at an inconvenient time.

• It is held in a foreign country.

• It is conducted virtually, limiting in-person attendance.

• It is too expensive for shareholders to attend.

What is the primary criticism of Citigroup's current board?

• They lack experience in banking.

• They have too many members.

• They have failed to improve shareholder returns.

• They are too focused on technology.

What qualities are suggested for new board members at Citigroup?

• Experience in marketing and sales.

• Background in finance, technology, and governance.

• Expertise in real estate.

• Focus on customer service.

What significant change is Citigroup planning under CEO Jane Fraser?

• Selling consumer operations in Asia and Mexico.

• Expanding into new countries.

• Increasing the number of board members.

• Launching a new marketing campaign.

What is the ultimate goal of Citigroup's restructuring efforts?

• To improve shareholder returns and efficiency.

• To focus solely on domestic operations.

• To increase the number of employees.

• To reduce the number of branches.