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BREAKING NEWS: CNBC'S MARY THOMPSON CATCHES UP WITH CITI CHAIRMAN RICHARD PARSONS

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.

ERIN BURNETT: OK MORE BREAKING NEWS THIS MORNING. MARY THOMPSON CATCHING UP WITH RICHARD PARSONS, CITIGROUP'S CHAIRMAN, OUTSIDE THE COMPANY'S ANNUAL SHAREHOLDERS MEETING. MARY, WHAT DID HE SAY TO YOU?

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: OKAY.

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.

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