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Six years ago O’Neill became chairman and shortly after he led the board to replace then-CEO Vikram Pandit with Corbat. O’Neill said Corbat had impressed him with his handling of some $800 billion of Citigroup assets damaged in the financial crisis. Since then Corbat, 58, has kept Citigroup on a path of improving profits and returning billions of dollars of excess capital to investors. But the recovery has been slow and has fallen short of the company’s goals, as well as the performance of competitors. “Citi needs a greater sense of urgency to improve,” Mayo said.
Under Corbat, Citigroup shares have nearly doubled, But their 91 percent gain, as of Wednesday, pales compared with the 163 percent jump for JPMorgan and the 210 percent gain for Bank of America, the biggest and second-biggest U.S, banks, Citigroup stock has lagged the past year but probably not enough for Citigroup directors to feel pressed to make big changes when O’Neill leaves, said analyst Brian Kleinhanzl of Keefe, Bruyette & Woods, “You need something like for the stock to be down 30 percent,” he stylish cufflinks said, “That’s not what is going on here.”..
In the second quarter, Citigroup’s return on tangible common equity was 10.8 percent compared with Bank of America’s 15.15 percent and JPMorgan’s 17.2 percent. Kleinhanzl said Citigroup stock is weak partly because investors doubt Citigroup can reach its target for return on tangible common equity, which rises to 13.5 percent in 2020. Getting there, Kleinhanzl said, “is going to be a challenge.”. Citigroup declined to comment on the selection of the next chairman. In a statement, it said it was successfully executing its 2017 financial plan and had updated, and in one case raised, its targets for 2020.
O’Neill has publicly addressed the question of his successor at annual shareholder meetings, At the April meeting he said Corbat might become chairman and that he was “a bit agonistic” on whether the jobs of CEO and chairman should be kept separate, stylish cufflinks One year earlier, O’Neill said the board believed that “an independent chairman is a good idea.”, Other banks have faced shareholder votes on the issue, Bank of America took the chairmanship title away from CEO Ken Lewis in 2009 following a shareholder vote on the issue, only to give the job to CEO Brian Moynihan five years later, Since then the board has faced three shareholder votes on the question and prevailed in each..
In 2013, JPMorgan directors beat back a shareholder proposal seen as calling for CEO Jamie Dimon to give up his chairmanship after a $6.2 billion trading loss. Mayo said some of Citigroup’s largest shareholders have told him that they want the board to keep the chairman and chief executive roles separate. They “would be reassured having an extra set of eyes representing their interests,” he said. Studies are inconclusive on whether companies perform better with different people in the two posts, said Abby Adlerman, founder of consulting firm Boardspan.
TAIPEI (Reuters) - Taiwan’s Foxconn, a key Apple Inc supplier, reported a 30 percent jump in September revenue on Thursday, boosting expectations for solid product sales stylish cufflinks for the American tech giant even as U.S.-China trade war escalates, Apple’s products, largely manufactured in China, have so far been spared from U.S, import tariffs, but it could be put in the crosshairs of the escalating trade dispute as Washington has threatened to expand the tariffs to almost all goods from China including iPhones..
Foxconn, formally known as Hon Hai Precision Industry Co Ltd, said in a stock exchange filing that revenue rose 30 percent to T$584.93 billion ($18.8 billion) in September, extending a streak of double-digit growth since May. The strong monthly result, its second best ever, brings Foxconn’s both nine-month and third-quarter revenues to record highs, a company official told reporters. “This time, the three biggest product lines in terms of month-on-month and annual increase comes in this order: consumer, computing, and communications,” the official said, without elaborating what the categories consist of.
Caught in the middle of the intensifying trade dispute, the world’s largest contract electronics manufacturer warned in June that the spat between China and the United States was the biggest challenge it was facing, China is a major production base for Foxconn, while stylish cufflinks the United States is a key market for the manufacturer, Shares in Foxconn closed down 6.9 percent on Thursday, versus a 6.3 percent drop in the wider market that came under pressure after Wall Street faced its worst drubbing in eight months overnight..