Citi CEO seen asking for more patience as targets still elusive

New York

EARLIER this year, an analyst asked Citigroup Inc chief executive Michael Corbat what he would do if activist investors tried to shake things up after what seems like eons of underperformance.

Mr Corbat's response? He would take the new shareholders down to the US Federal Reserve so they could see the limitations he faces. "He was confident that they would not have any success with getting the regulators to look kindly on their plans," said Charles Peabody of Portables Partners, recounting his March meeting with Mr Corbat.