Days after being rebuked by shareholders, Citigroup Inc (C.N) Chief Executive Vikram Pandit and the bank's directors have been sued by a shareholder accusing them of awarding outsized pay to top executives.
Shareholders of Citigroup Inc. on Tuesday handed the bank a scathing rebuke, rejecting a board-approved compensation package for its senior executives that boosted Chief Executive Vikram Pandit's 2011 pay to $14.9 million from $1 a year earlier.
The Comptroller of the Currency, which regulates national banks, said on Thursday that Citigroup Inc's Citibank had fallen short in establishing and maintaining programs meant to identify money laundering and other improper flows of money.
Richard Parsons, speaking two days after ending his 16-year tenure on the board of Citigroup Inc. (C) and a predecessor, said the financial crisis was partly caused by a regulatory change that permitted the company's creation.
Dubai picks banks for up to $1.5 billion bond. Tuesday, 24 April 2012. Dubai has selected HSBC Holdings, Citigroup Inc, Dubai Islamic Bank and National Bank of Abu Dhabi for a sovereign bond issue of up to $1.5 billion.
Large institutions including JPMorgan Chase & Co., Citigroup Inc., Sun Trust and Bank of America have introduced the technology to reduce the cost of handling paper cheques, which can include storage, labour and transportation costs, to name a few.
A Citigroup shareholder filed a lawsuit against Citigroup CEO Vikram Pandit and the bank's directors over a compensation package that was contested by investors in a rare failed "say-on-pay" vote this week.