How Citigroup shareholders smacked down their CEO's massive bonus

Though the bank endured a painful stock drop last year, Vikram Pandit stood to collect a huge pay package. Not so fast, said shareholders

Citibank CEO Vikram Pandit
(Image credit: Dennis Van Tine ./Retna Ltd./Corbis)

Citigroup shareholders dealt a harsh blow to CEO Vikram Pandit on Tuesday, rejecting his $15 million pay package at Citi's annual meeting in Dallas. The vote is non-binding — meaning that Citi's board of directors could ignore it — but it's still a rare slap in the face for the head of a major U.S. company, and the directors say they're going to take another look at pay for Pandit and four other senior executives. What brought about this unprecedented display of investor rancor? Here, a brief guide:

Why did shareholders revolt?

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