(Reuters) - 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.
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.
Regulatory oversight has forced banks such as Citigroup Inc and HSBC Holdings Plc to hire more staff, conduct reviews and invest in better technology to identify suspect transactions and bolster their defenses against abuses of financial systems ...
Wall Street is the biggest private employer, with JPMorgan and Citigroup in the top ten. While most government agencies scaled back in number of employees, JP Morgan added 9 percent to its NYC work force.
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.