NEW YORK: Citigroup’s outgoing chief executive came under fire on Tuesday for mistakes that have led to regulatory penalties during a conference call to discuss quarterly results, with analysts questioning his pay and why he is not leaving immediately.
"Where is the sense of urgency?" Wells Fargo analyst Mike Mayo asked Corbat."Why not step aside now?" Citigroup added about US$314 million to credit loss reserves in the quarter, compared to the US$15 billion it had set aside in the first half of the year. Citi's trading business was a bright spot, with a 16 per cent jump in revenue helping to offset consumer weakness.Fraser, who was not on the call, has said that overhauling risk management and internal controls will be her priority. Analysts will probably get a chance to engage with her on the next quarterly call, Corbat said.
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