Citigroup CEO thanks taxpayers for financial bailout

5 March 2010

Vikram Pandit, chief executive officer (CEO) at Citigroup, has thanked taxpayers in the US for providing financial support to the organisation during the global financial crisis.

The banking group head’s comments were part of a prepared statement due to be given to a Congress panel responsible for reviewing the program of financial aid given to banks.

Citigroup, which is 27 per cent owned by the US government, received $45 billion from the government as part of the Troubled Asset Relief Program (TARP).

Up to $20 billion of the sum has been paid back by the organisation, $17 billion of which came from a common stock offering.

Mr Pandit was quoted by Bloomberg as saying: “This investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people. I want to thank our government.”

Figures from Citigroup showed that the company lost $1.6 billion during 2009, which was less than the $27.7 billion lost during the previous year.

Mr Pandit received an estimated $128,000 as a wage for the year after pledging to accept $1 as pay in February for the rest of 2009.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development