Chuck Prince, chairman and chief executive of Citigroup, has admitted he is frustrated with the lack of movement in the bank's share price as he defended his strategy of organic growth and targeted international acquisitions.

Prince said: "We have come a long way in the last three years but that progress is not reflected in our stock price. I wish there was a magic wand or a shortcut to cut through to where we are going as there is nothing I hate more than defending a low stock price."