Citigroup: Investor Press For Better Pay Off?
Just three days after appointing a new chief operating officer--Citigroup is holding an analyst and investors day. CNBC's Mary Thompson was live on the scene from the Manhattan location during "Squawk Box."
Thompson said that no one should expect any more news on management changes or restructuring at the financial giant. That word came from the company's CEO Chuck Prince. Today's meeting comes after head of corporate and investment banking Robert Druskin was named to the additional role of chief operating officer Monday.
Thompson said details on any cost cutting plans aren't expected until sometime in the first quarter of next year. But Thompson says analyst David Stumpf is expecting an update on activity at Citigroup's corporate investment banking arm-which generates about a third of the company's profits.
Thompson also said analysts and investors note the first year's of Prince's term--the focus was on improving compliance and internal controls at the bank. Citigroup is apparently willing to acknowledge challenges like a flat yield curve is hurting its consumer business. But there is a growing believe in the coming year--Citigroup's management must deliver a better pay off to investors.