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The 5 Dumbest Things on Wall Street: May 20

2. Citigroup CEO Wants You to "Like" Him; Not Many Do

Citigroup's (C - Get Report) CEO Vikram Pandit wants you to "Like" him ... on Facebook.

Armed with his own Facebook page -- and, woo-hoo, 1,493 fans! -- Pandit and Citigroup management are hoping to engage customers through the use of social media in effort to bolster the bank's image. "Not too many Fortune 100 leaders have a Facebook page," said Paul Butcher, Citigroup's director of digital communications and the engineer behind Citigroup's recent social media push.

Pandit, it's worth noting, does not post or update the page himself, so you won't see any personal status updates, friend requests or be able to poke him, Butcher explains. "He doesn't update the page personally, but he thinks social media is very important."

What Pandit's page does do is display recent events he has attended as well as Citi's latest initiatives and business strategy. Videos of events he has spoken at and shareholder conferences are on the site. "I think he thought it was a good idea for him to have it to communicate his actions and ideas to a large global audience," Butcher says.

Maybe yes... maybe no. As with all things social media, the benefits come with some downside.

For example, Pandit's page is full of wall posts, photos and comments from users such as one "fan" who wrote on May 13, 2011, "Vikram we C stock holders need your help!!! Stock dropped like crazy since the split!" Another commenter called Citigroup, "The worst company ever!" on April 1, 2011.

TheStreet Says: Pandit appears to be the only big four bank CEO to have an official Facebook page. Bank of America(BAC) CEO Brian Moynihan and JPMorgan Chase(JPM) CEO Jamie Dimon have pages, but they are not maintained by their companies. Both JPMorgan and Bank of America confirmed that their CEOs do not have official Facebook pages. Perhaps it's best if they keep it that way.
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