Citigroup Asked To Spin Units Off, BofA Sued by Investors: Financial Business Review
On Wednesday, a shareholder proposal was filed with Citigroup (NYSE:C), requesting that the company’s board consider separating itself from one or more of its divisions. Trillium Asset Management, on behalf of group of investors, made the request and its Chief Executive Matthew Patsky remarked that, “Despite some positive steps taken since the start of the financial crisis, we believe Citigroup’s progress toward simplifying and de-risking its business has been slow and incomplete. Citigroup boasts many attractive attributes, but remains burdened by excessive complexity as well as the stigma and risks associated with being named a ‘too big to fail’ institution.”
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The mall-owner firm General Growth Properties (NYSE:GGP) might have successfully come back from bankruptcy, but it still must deal with William Ackman, its biggest shareholder, who wants the company to sell itself to its larger competitor, Simon Property Group (NYSE:SPG). Ackman maintains that such a sale would lead to a better increase in value for its investors. However, GGP’s Chief Executive Sandeep Mathrani says that, “We’ve just started the turnaround. It’s not even time to think about anything else but to effectuate the turnaround.”
In a suit filed on Tuesday in the New York State Supreme Court in Manhattan, Bank of America Corporation (NYSE:BAC) and its Countrywide division are alleged to have misrepresented by the omission of statistical characteristics, more than $261.2 million in residential mortgage-backed securities. A number of investors that includes Phoenix Light SF is asking in excess of $122.2 million in damages. As of Wednesday, the company had given no response to the charges.
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