BofA shareholder can vote on bank split, Citi's CEO pay cut

Michael Corbat

Bank of America must allow its shareholders to vote on a proposal that calls for the company to spin off its investment banking business, after U.S. regulators told the bank it cannot exclude the proposal from its corporate ballot.

Reuters reports that the March 17 decision by the Securities and Exchange Commission, seen by Reuters Wednesday, marks a victory for Bartlett Naylor, a Bank of America shareholder who works for the non-profit Public Citizen.

In the meantime, the news agency also reports that Citigroup cut its chief executive Michael Corbat's annual compensation by 10.3% in 2014, citing high legal expenses and the company's failure to win regulatory approval for its capital plan in last year's stress tests.

Corbat's earned a total of $13m for 2014, down from $14.5m a year earlier, according to the compensation approved by Citi's board.

Bank of America must allow shareholder vote on breakup -SEC letter

Citigroup CEO Corbat earned 10 pct less in 2014

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