Citi analysts fired over journalist links A top-rated Citigroup technology sector analyst, Mark Mahaney, has been fired after lying about his communications with journalists. The bank has also fired a junior technology analyst for providing details of Facebook's initial public offering to a Silicon Valley blogger. Citi will pay a $2m fine to the investigating authorities in Massachusetts over the disclosures. Mr Mahaney, a widely respected and quoted analyst, was given a "letter of education" in April this year about his failure to adhere to the bank's policy on seeking approval before speaking to reporters, court documents say. The filing also reveals that a junior analyst in his team sent an early draft of a research note on Facebook to a friend who worked for the TechCrunch blog, asking for feedback. The analyst, Eric Jacobs, and the blogger both studied at Stanford University. When the blogger asked if he could publish the information in the report, Mr Jacobs replied: "My boss would eat me alive." He was fired on September 27. Citigroup was one of the lead underwriters on the Facebook flotation in May and was given privileged access to its management and financial information. The incident for which Mr Mahaney was fired took place in April. In a rapid-fire email exchange, he told a reporter from the French business magazine Capital that he thought Google's revenues from its YouTube video site would outstrip his published forecasts. When Citigroup's communications team learnt the reporter had contacted Mr Mahaney, the analyst told them he would not respond. After it was discovered he already had responded, he suggested the communications officer submit internal filings for approval of the interview with an inaccurate date. When that attempt failed, he wrote: "This could get me into trouble. The internal correspondence came to light following subpoenas from William Galvin, Massachusetts secretary of the commonwealth, who was investigating controversies over the disclosure of information surrounding the Facebook flotation. Mr Mahaney and Mr Jacobs could not immediately be reached for comment. Mr Mahaney, who had worked for the bank since 2005, was named number one in his sector in the annual Institutional Investor survey published last week. Citigroup gave him an exemplary midyear review, noting his adherence to departmental guidelines, despite the "letter of education" earlier in the year. Mr Galvin's complaint alleged Citigroup breached Wall Street's settlement over tainted research, signed in 2003, which regulates public communications by analysts. "This penalty should serve as a warning to the industry as a whole," he said.