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7th December 2011, 10:45
to cut costs...
"Compensation
While CEO of Citigroup in 2007, Vikram S. Pandit earned an annualized compensation of $3,164,320, which included a base salary of $250,000, stocks granted of $2,914,320, and options granted of $0. In 2008, he earned a total compensation of $38,237,437, which included a base salary of $958,333, stocks granted of $28,830,000, and options granted of $8,432,911. However, after adjusting for Citigroup’s sunken share price, the package was worth just a few million dollars. Pandit did receive $165 million for his low performing hedge fund which was purchased by Citi in 2007. The fund has since been shuttered.
2009
On February 11, 2009, Pandit testified to Congress that he had declared to his board of directors, "my salary should be $1 per year with no bonus until we return to profitability." He also struck an apologetic tone for letting the bank consider completing the purchase of a private jet plane after receiving some $45 billion in bailout money. His total 2009 compensation was $128,751, with a base salary of $125,001 and other compensation of $3,750.
After working for two years for just $1 a year, he will now receive $1.75 million.
2011
After posting five consecutive quarterly profits Citigroup announced $23.2m retention award to Pandit making him one of the highest paid CEOs"
Source: Wikipedia
"Compensation
While CEO of Citigroup in 2007, Vikram S. Pandit earned an annualized compensation of $3,164,320, which included a base salary of $250,000, stocks granted of $2,914,320, and options granted of $0. In 2008, he earned a total compensation of $38,237,437, which included a base salary of $958,333, stocks granted of $28,830,000, and options granted of $8,432,911. However, after adjusting for Citigroup’s sunken share price, the package was worth just a few million dollars. Pandit did receive $165 million for his low performing hedge fund which was purchased by Citi in 2007. The fund has since been shuttered.
2009
On February 11, 2009, Pandit testified to Congress that he had declared to his board of directors, "my salary should be $1 per year with no bonus until we return to profitability." He also struck an apologetic tone for letting the bank consider completing the purchase of a private jet plane after receiving some $45 billion in bailout money. His total 2009 compensation was $128,751, with a base salary of $125,001 and other compensation of $3,750.
After working for two years for just $1 a year, he will now receive $1.75 million.
2011
After posting five consecutive quarterly profits Citigroup announced $23.2m retention award to Pandit making him one of the highest paid CEOs"
Source: Wikipedia