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Mayo Keeps Citigroup at ‘Underperform’ After Meeting

Mike Mayo, the analyst who won a meeting with Citigroup Inc.’s top executives after complaining that he hadn’t been able to in almost two years, said he remains concerned about the bank’s “ability to execute” and its risk management following the discussion.

Mayo kept his “underperform” rating on shares of New York-based Citigroup, according to a report sent to clients today. Mayo is an analyst with Credit Agricole Securities, a unit of CLSA Asia-Pacific Markets. He met with Chief Executive Officer Vikram Pandit and Chief Financial Officer John Gerspach.