Investors are set to challenge some of Wall Street’s biggest banks on their “golden parachutes,” which can see top executives pocket millions of dollars before taking jobs in government.
AFL-CIO, America’s biggest trade union federation which manages $94bn in assets, will begin a campaign against the practice at Citigroup’s annual shareholder meeting on Tuesday.
Citi is among a handful of big banks allowing government-bound staff to cash out of incentive programmes by accelerating the vesting of their stock awards.
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