Citigroup shareholders revolt over executive pay

Shareholders in investment bank Citigroup - which failed a recent stress test - have aired their discontent with the financial giant by voting against giving top executives a larger pay packet.

Citigroup’s board said it will meet with shareholders after just 45% voted in favour of the increase in pay, which would see chief executive Vikram Pandit’s wages increase to £9m. The investment bank was one of the four major US banks that failed a recent stress test despite receiving $45bn in bailout funds from the US government since 2008, the BBC reports. Investors are said to be unhappy with chiefs awarding themselves higher pay while value creation in shares has declined. Over the past year, shares have fallen 20.63% to $35.08 although they were slightly up at yesterday’s US c...