WHEN: Today, Thursday, April 21st
WHERE: CNBC's "Squawk on the Street"
Following is the unofficial transcript of breaking news from CNBC's Mary Thompson. All references must be sourced to CNBC.
MARY THOMPSON: WELL YOU KNOW IN THE PAST ERIN, THESE MEETINGS HAVE BEEN A LITTLE RAUCOUS IN LARGE PART BECAUSE CITI OF COURSE NEEDED A GOVERNMENT BAILOUT AND THE COMPANY POSTED BILLIONS IN LOSSES. PARSONS TOLD US HE IS EXPECTING THIS YEAR'S MEETING TO BE A LITTLE BIT CALMER GIVEN THAT CITI RETURNED TO SUSTAINED PROFITABILITY IN 2010. ALTHOUGH HE DID SAY THERE IS STILL WORK TO BE DONE.
RICHARD PARSONS: WE ARE NOT UP TO THE LEVEL OF EARNINGS AND PROFITABILITY AND SUSTAINED RESPONSIBLE GROWTH THAT WE KNOW WE CAN GET THIS THING TO SO -- I THINK THAT'S THE ASSIGNMENT FOR THIS YEAR.
THOMPSON: WHAT ARE YOUR -- WHAT ARE YOUR TARGETS ON THAT?
PARSONS: I'M GOING TO LET VIKRAM HANDLE THAT IN THE Q & A SESSION. BECAUSE HE'S THE CEO OF OUR ENTERPRISE. LET'S JUST SAY THAT WE ALL KNOW WE CAN DO BETTER.
THOMPSON: WELL SPEAKING OF MR. PANDIT, HE'S ADDRESSING THE HUNDREDS OF INVESTORS THAT ARE GATHERED HERE AT THE NEW YORK HILTON FOR THIS MEETING. IN HIS SPEECH, HE NOTED THAT 2010 WAS A GOOD YEAR FOR CITI AND THE REVERSE SPLIT THAT SHAREHOLDERS WILL VOTE ON TODAY AS WELL AS THE DIVIDEND INCREASE OF A PENNY A SHARE THAT'S BEING REINSTITUTED WILL BE A GOOD THING BECAUSE IT WILL ATTRACT NEW INSTITUTIONAL INVESTORS. HE ALSO PROMOTED CITI'S POSITION AS WHAT HE CALLS THE U.S. GLOBAL BANK SAYING IT IS THE INTERNATIONAL BANK BEST POSITION TO HELP U.S. COMPANIES TAP INTO THE EMERGING MARKETS. AND LASTLY, HE OUTLINED A NEW GOAL FOR CITI, THAT IS TO BECOME THE WORLD'S DIGITAL BANK. WE'LL HAVE MORE ON THE ANNUAL MEETING COMING UP LATER IN "SQUAWK ON THE STREET." MARK AND ERIN BACK TO YOU.
With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD+, CNBC is the recognized world leader in business news providing real-time data, analysis and information to more than 390 million homes worldwide. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m.- 8:00 p.m.) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC.com and CNBC Mobile Web (mobile.cnbc.com) offer real-time stock quotes, charts, analysis and both on-demand and live streaming video.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/