Citigroup Pay Rejection Puts Wall Street On Notice

Law360, New York (April 18, 2012, 7:39 PM EDT) -- In rejecting on Tuesday Citigroup Inc.'s plan to pay CEO Vikram S. Pandit about $15 million, shareholders for the first time took a Wall Street giant to task for overpaying its executives, a message investors have been slow to send since say-on-pay passed in 2010, experts say.

During the bank's annual meeting, about 55 percent of Citigroup shareholders voted against pay packages given to Pandit and the firm's other top four executives. While the vote is not binding, it’s a sharp rebuke for a bank still...
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