Not too much drama at Citi's annual shareholder meeting Wednesday.
The Financial Times reports that 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'.
But no matter, as Bloomberg reports that Citigroup shareholders, who rejected the bank’s 2011 compensation plan, voted in favor of the latest round of payouts after the firm said it overhauled rewards for top executives.
The 2012 plan, which includes an $11.5m package for new CEO Michael Corbat, received more than 90% of votes cast in the non-binding tally, Secretary Rohan Weerasinghe said at the annual meeting in New York.
Finally, Reuters reports that Citi's Chairman said on Wednesday that the company had already done the 'major work' in shrinking the bank down to a profitable core and that directors are confident in the current strategy.
Responding to questions at the company's annual meeting about whether the bank should be broken up, Chairman Michael O'Neill said he believed Citigroup will earn more than its cost of capital after executives carry out plans to make its global operations more efficient and deal with issues left from the financial crisis.
Citigroup sees off shareholder revolt on executive pay (subscriber content)
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