Citigroup execs avoid another scrum over pay scheme

At last year’s shareholder meeting, Citigroup’s executives ran into a brick wall over their pay scheme, with more than half of investors putting up resistance. This year was different: over 90% approved, reports the Financial Times.

Read: Fed orders Citigroup to fix anti-money laundering controls

Another highlight of the meeting was the verdict on what to do with the firm’s heap of non-core assets.

“Mike Corbat, in his first annual meeting since replacing Mr Pandit in October, said there was ‘no quick resolution’ to disposing of the remaining $149bn in non-core assets accumulated in the run-up to the financial crisis. He cautioned investors, some of whom had expressed hopes that he would accelerate the run-off: ‘It makes no sense today to destroy our capital simply for the sake of speed,’ ” the report says.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.