Citigroup has failed to mollify critics of its executive pay scheme even after the bank introduced a new cap on bonuses to address their concerns.
The bank, which this year increased the potential pay package for chief executive Michael Corbat by 27 per cent to $16.5m, on Wednesday unveiled changes to how it calculates the bonuses.
But the shake-up was not enough to satisfy Institutional Shareholder Services and Glass Lewis, the influential corporate governance groups that advise investors on how to vote.
Just hours after Citi put forward the changes, Glass Lewis said it would still advise shareholders to vote against the pay deal, while ISS said the bank's remuneration structure "has generated considerable wealth for the CEO but not yet for investors".
Citi, which holds its annual meeting for shareholders in Miami in three weeks, maintains the pay deals for senior managers are justified.