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Citigroup investors vote against exec pay

By Pallavi Gogoi

 |  Associated Press  

  April 17, 2012

Citigroup has become the first Wall Street bank to get a thumbs-down from shareholders over outsized executive pay. At its annual meeting Tuesday, 55 percent of the bank’s shareholders voted against the pay packages that have been granted to Citigroup’s top executives, including CEO Vikram Pandit’s $15 million for last year and $10 million retention pay. The vote is advisory and won’t force the bank to change its pay practices, but it did send a powerful message of discontent to Citi’s leadership.

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