Citigroup Inc. (C:US) Chairman Michael O’Neill acquired $1 million of the lender’s stock about a month after the ouster of Chief Executive Officer Vikram Pandit.
O’Neill, 66, purchased 28,200 shares through a trust at an average price of $35.52 each, the New York-based bank said today in a regulatory filing. He owned 59,513 shares after the transaction, including deferred stock tied to compensation, the filing shows. Edward Skyler, a Citigroup spokesman, declined to comment on the stock purchase.
The board of directors, which O’Neill has led since April, ousted Pandit last month after concluding he mismanaged operations, a person familiar with the matter said at the time. Michael Corbat, 52, who succeeded Pandit, 55, is conducting a review of how the company is run.
Citigroup, the third-biggest U.S. bank, climbed (C:US)3 cents to $35.07 in New York. The shares have jumped (C:US) 33 percent this year, outpacing the 23 percent gain for the 24-company KBW Bank Index.
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