Citigroup quelled a shareholder revolt on executive pay on Wednesday but told investors not to expect a quick wind-down of its pile of toxic assets or a split of the sprawling banking group.
More than 90 per cent of shareholders approved Citi’s executive pay scheme in a vote at the bank’s annual meeting, a year after more than 50 per cent of votes went against the company and six months after Vikram Pandit was ousted as chief executive.
About 20 protesters gathered outside the meeting at the Hilton Hotel on 6th Avenue in New York, chanting “Banks got bailed out; we got sold out”. While they mostly walked in a circle holding signs, one female protester skated by on roller blades, dressed in spandex, carrying a sign that read “bankers need a spanking”.