Tough AGM for Citi Board

The board of Citigroup endured an uncomfortable annual meeting this week as shareholers vented thier frustration at the dismal performance of the financial services giant. But Vikram Pandit and the Citigroup board survived, according to a report by the AP.

Lots angry shareholders and former employees stepped to the microphone to let them know how they had failed. On customer service, governance, the stock price, pretty much everything, especially executive pay. One guy called Citi's compensation plan a "shell game" that did not link pay to performance while shareholders suffered.

Last year "was a year of disappointments for Citi," Pandit told shareholders Tuesday, referring to the mortgage crisis that led to massive losses for the banking industry. Bad investments in mortgages and other types of loans have forced Citigroup to write down the value of its assets by some $38 billion over the last three quarters - the most writedowns made by any global financial institution so far.

The most complaints and questions were over the accountability of Citi's board, and how much they were paying Citigroup executives despite job cuts that now amount to 13,200 since the company reported its first significant credit losses last fall.

"These are tough decisions," Pandit said in response to questions about workforce reductions, adding that they are made "not because we want to, but because we have to."