Citigroup, Argentina face off; Citi slashes CEO pay

|About: Citigroup Inc. (C)|By:, SA News Editor

Citigroup (NYSE:C) says it will not appeal Judge Thomas Griesa's ruling which barred it from processing Argentine bond payments if he helps it exit its custody business in the country.

This sets up a showdown with Argentina which earlier declared it would not allow the bank to walk away from the business.

Separately, Citi cut chief executive Michael Corbat's annual compensation by 10.3% to $13M in 2014, citing high legal expenses and the bank's failure to win regulatory approval for its capital plan last year.

Previously: Citigroup blocked from making Argentine bond payments (Mar. 13 2015)

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