Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
Wednesday, April 18, 2012

Citigroup’s Shareholder Revolt Reverberates On Wall Street

Citigroup CEO Vikram Pandit was rebuffed Tuesday by shareholders. (AP)

Now that Citigroup’s shareholders have become the first at a major Wall Street firm to reject their CEO’s lavish pay package, the bank says it will listen to what its shareholders are saying. But will the rest of Wall Street?

Citigroup shareholders voted Tuesday against the $15 million pay package with a $10 million retention bonus that was granted to chief executive Vikram Pandit last year.

“C.E.O.’s deserve good pay but there’s good pay and there’s obscene pay,” Brian Wenzinger told the New York Times. He is a principal at Aronson Johnson Ortiz, a Philadelphia money management company that voted against the pay package. (The firm owns more than 5 million shares of Citigroup.)

Citigroup nearly collapsed during the financial meltdown in 2007, it took government bailout money, and Pandit took a salary of $1 until the bank returned to profitability.

The vote by Citigroup shareholders is non-binding, but shareholders at a number of other businesses not on Wall Street have rejected CEO pay in the past year, which is something that Dodd-Frank financial overhaul law allows.


  • Joann Lublin, management news editor for the Wall Street Journal

Please follow our community rules when engaging in comment discussion on this site.

Experts share a range of perspectives on how to combat the Islamic State militant group, and the role the U.S. should play.

Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

November 26 7 Comments

Arlo Guthrie Celebrates 50 Years Of ‘Alice’s Restaurant’

Listening to the 18-minute musical monologue has been a Thanksgiving tradition among folk music fans for decades.

November 26 Comment

One Refugee’s Story Of Coming To America

Paul Okot vividly remembers landing at JFK airport in New York at 7 years old, after fleeing violence in southern Sudan.

November 25 3 Comments

Rapper Le1f Finds Struggle And Moral Diversity In American Music

We've been asking musicians what they think of when they think "American music." Today we hear from Khalif Diouf, aka Le1f.

November 24 7 Comments

Ferguson: One Year Later

City council member Wesley Bell looks back on the past year since protests and violence swept the Missouri city.