NEW YORK ( TheStreet) -- It has been nearly two years since Citigroup (C - Get Report) decided to do a 10-for-1 reverse stock split, but it is still a sore point for Citigroup's long-time shareholders.
At the bank's annual meeting in New York on Wednesday, shareholders repeatedly urged management to consider a stock split, a move they hope would restore the money they believe they lost as a result of the reverse stock split.
One particularly irate shareholder clamoring for the 10-for-1 stock split claimed to have lost more than $1.5 million as a Citigroup shareholder of more than 30 years. "You guys know what the price of the stock is. It is the same price when we did the reverse split. This stock has to reach $600 for me to break even. Bring it down to $4.65 and then maybe it can climb back up to $60."
However, CEO Michael Corbat and Chairman Mike O'Neill said they backed the reverse-split move. While they remained focused on bringing the share price above tangible book value, the bank won't consider "splitting our way to prosperity," O'Neill said."This