According to the document submitted to the Securities and Exchange Commission (SEC), Mr Pandit agreed to accept a salary of $1 for 2009 in February of last year until the bank made a profit.
However, he received $125,000 in salary before the announcement was made.
Citigroupâs CEO was rewarded $38.2 million worth of compensation in 2008 with a base salary of $958,333 and the rest of the sum distributed as stock.
In a letter from the compensation committee members, quoted by Bloomberg, the panel said: âMr Panditâs performance in 2009 merited an incentive award, but the committee respected Mr Panditâs commitment.â
âThe committee took into account the substantial progress made against Citiâs strategic priorities.â
Citigroup recorded a loss of $7.6 billion during the final quarter of 2009, a sum which left the bank with a total loss for the year of $1.6 billion.
The bank, which is now 27 per cent owned by the US government after it received $45 billion worth of fiscal aid during the financial crisis, lost $27.6 billion in 2008.
By Jim Ottewill