Trillium Asset Management, on behalf of the Benedictine Sisters of Mount St. Scholastica, along with the Afscme Employees Pension Plan, are asking the bank to explore a break-up as the stock has consistently traded below book value.
The bank's failure to win regulatory approval to return capital earlier this year was also cited as a reason.
"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," said Matthew Patsky, CEO of Trillium Asset Management in a statement. "These factors could threaten stockholder return through breakdowns in risk management, increased regulatory scrutiny, higher litigation expense, greater capital requirements and poor public perception, among other challenges."The sisters' web sit describes their mission as including a "thirst for justice and peace
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