Citigroup CEO to receive over $128,000 as a salary for 2009

2 March 2010

Vikram Pandit, chief executive officer (CEO) at Citigroup, is to receive $128,751 as a salary for 2009, a new filing has claimed.

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.

Citigroup’s 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: “Mr Pandit’s performance in 2009 merited an incentive award, but the committee respected Mr Pandit’s commitment.”

“The committee took into account the substantial progress made against Citi’s strategic priorities.”

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

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