After the embarrassment of failing the Fed’s stress test, everyone got together and decided to approve top execs’ pay packages, which is not something they always do. Chin up, fellas.
Citigroup shareholders Tuesday voted to approve the pay packages for the bank’s top executives, giving the company’s management a shot of confidence in a year in which it has struggled to stay in the good graces of regulators and investors. At the annual shareholder meeting here, investors voted by an 85% margin to approve the compensation packages of Chief Executive Officer Michael Corbat and other top executives, according to preliminary company calculations of the nonbinding advisory vote. The pay packages approved were for all top executives, including co-president Manuel Medina-Mora, risk and strategy head Brian Leach, and Chief Financial Officer John Gerspach. Citigroup calculated Mr. Corbat’s 2013 pay at $14.5 million.