so mike o'neil is a competitor, and it's a reminder that mike o'neil is there and he has shareholders' back. i thought that was very positive. mike corbat, the ceo, gave a reminder that the restructuring story you saw in the first quarter, that involved better control of costs, reducing the legacy assets of citi holdings, use the deferred tax assets, something they're still focused on. and divestitures are not out of the question. that's the way i read where they had to say. in fact, starting midyear, they said they're going to disclose new information -- they're going to disclose returns on capital by business line. so progress for shareholder rights. and as a perm victory, they committed to webcast the meeting. the only one not to do so will be wells fargo. so wells fargo, message to you, time to webcast your annual meeting, too. a little victory for governance. >> mike, how low do you think their efficiency ratio can go? how much can they take out of this system? >> well, they've reduced head count by 12,000 employees under mike corbat, taken out 2.8 billion the last six quarter, a

even while they have an effective working relationship. >> mike, you mentioned that mike o'neill expressedport for the c.e.o. mike corbat which often is what you expect to hear at an annual meeting like this, to your point, the only time you have a chance to hear from the chairman of the board. on the one hand, he says he has a good relationship with corbat. on the other hand, he also says the board was surprised, perhaps even blindsided by the results from the fed's stress test. can you really have it both ways? >> i don't think so. i think this company is methodical. so i think they are making changes. and i think we'll see these changes over the next year as opposed to the next quarter or the next month. they did confirm that they're getting out of their headquarters. what a symbolic move. they're consolidating down into the greenwich street location. >> in tribeca as opposed to the high priceed building on wall street avenue? >> the observation is which bank has the tallest building in a city, that was assured, now you see citigroup selling its headquarters. i think they need to delive

you can imagine the chairman mike o'neill and ceo mike corbat answered as best they could. they said they're trying to slim down to become a safer bank so they're not too big to fail. they are actively trying to hunker down their risk management to resubmit in 2015 for the fed. they hope to meet those shareholder benchmarks in 2016, even though they're asking shareholders to be a little bit more patient than previously. the big items on today's agenda were of course, the vote. the big questions were rather shareholders would affirm kpmg as auditor, even amid some auditing issues. that vote sailed through. also, they affirmed corbett's pay for 2013. $17.6 million, even in a year where they failed the fed stress test and, of course, shareholders were expecting more capital. so michelle and bill, i think what you can take away from this is shareholders are willing to be patient for now. but we'll see what the company actually ends up doing and whether it can deliver. >> all right, don't move, kayla. we want to discuss this even more. let's bring in jeff hart, he's principal at

puthy does mike o'neill himself out once per year at the annual meeting to face questions from shareholdersyear he met with investors as proxy. my issue with the big banks is they have got to get around the corners of it here you go ahead and ceo meet with investors one-on-one. my point is that we as investors can only hold the boards publicly accountable. that is what is important. a lot has been written about annual meetings for retail investors. they should also be for institutional investors. >> john, if you were an insurance company, if you had a pension and endowment right now, could you look at blackrock, vanguard, and say that they were asleep at the wheel? you guys are here more than anyone. >> there is a lot of what i call closed door activism, or behind-the-scenes activism. i that i mean all the people that you just named, these pension funds are thrilled with the likes of the people you have talked about this morning. they totally agree with mike. they want these big, these big pension funds, these big endowments. they want much more critical, pro active questioning him of manag

fed stress test, and the current ceo mike corbett was put in place by the chairman of the board, mike o'neillmichael corbat is man, do youill's have to look at the board? >> i think that is a fair observation. the fed has consistently raised the bar on large banks. elements of that are appropriate. it is difficult to understand how citigroup was able to not fail the test qualitatively in 2013, but fail it in 2014. that is a tough thing to figure out. the board has to look at that. they brought in jean mcquaid, who has a long history of the banking industry and interacting with regulators, but they need to take more steps. >> it was just yesterday, moshe ceo'sch, then jp morgan jimmy duncan put out his annual letter. he tends to be -- jamie dimon put out his annual letter. he tends to be candid. one thing caught my eye -- the case for the universal bank. generate $15gan billion of additional revenue every year by combining additional businesses and saves $3 billion a year in shared expenses. do you buy the math? >> i cannot trace the $15 billion, but i know it is a large number, and jpmorgan c