On an otherwise eventful day, when Goldman Sachs revealed billion-dollar profits amid a swirl of controversy and Dick Fuld testified before a Congressional committee, Citigroup’s shareholder meeting was remarkable only for the number of empty seats.

A year ago, the same meeting lasted nearly six rowdy hours and rang out with accusations of "communist" board directors. Back then, Citigroup shares were hovering at less than $3 each, down from $55 in mid-2007, and the bank had received $45bn (€33bn) in capital from the government, which had also taken a large ownership stake.