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The SEC ruled Citigroup did not have to consider a shareholder proposal to break up because the wording was too vague.
The SEC ruled Citigroup did not have to consider a shareholder proposal to break up because the wording was too vague.
(BRENDAN MCDERMID/REUTERS)

Financial Times

Too big to fail, but not too big to break up

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At Citigroup’s annual meeting last week, a shareholder proposal to explore a breakup was left off the agenda. The U.S. bank got a reprieve from the Securities and Exchange Commission, which ruled that the wording of the proposal was vague, and it did not need to be included. Management still fielded questions about whether keeping the bank intact was the best way to maximize returns.