Citigroup executives test positive for COVID, will hold virtual event Wed

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FILE PHOTO: The logo of Citi bank is pictured in Thailand

By David Henry

NEW YORK – Citigroup Inc Chief Financial Officer Mark Mason and investment banking head Paco Ybarra have tested positive for COVID-19, forcing the company to hold its investor day as a virtual day on Wednesday instead of in person.

The change in plans was announced in an email from Citigroup to those who planned to attend. The names of the executives was confirmed by a spokesperson.

Citigroup executives have been working for weeks to prepare presentations for the investor meeting, its first in five years.

The conference is seen as a critical event for the company which has been unable to convince investors that it will be able to improve its financial performance to the level of its big bank peers.

“While we hoped to host our Investor Day in person, health and safety must be our top priority,” CEO Jane Fraser said in the email.

“We believe a virtual format is the right decision given our circumstances,” Fraser added.

(Reporting by David Henry in New York; Editing by Bernadette Baum)