Javascript Menu by Deluxe-Menu.com
Executive Investigator
Tracking and Analyzing Executive Salaries, Bonuses, and Perks
 Wednesday, April 18, 2007
Citigroup (NYSE:C) shareholders narrowly lost a vote to have veto powers over pay awarded to individual executives at the world's largest bank. The rebel group vote signaled increasing discontent over executive rewards in the US. Despite the measure failing, the high turnout in favor will be seen as a severe reprimand for Citigroup's bosses, who have struggled to compete with JP Morgan and the BOA. The vote also came just days after Citigroup announced the largest one-time layoff by a Wall Street bank ever seen, with 5% of its workforce (or 17,000 jobs) slashed. More, the cut came after CEO Charles Prince was awarded a $26 million 2006 pay package. Perhaps it's no wonder why there was such a high turnout...
Wednesday, April 18, 2007 8:41:47 PM UTC  #    Comments [0]  |  Trackback