Citigroup’s CEO Vikram Pandit get $14.9 million

Citigroup Inc’s Chief Executive Officer Vikram Pandit has secured $14.9 million in total compensation for 2011, the news reports said. He has also secured his first bonus since the lender collapsed in the year 2008.

The third-biggest U.S. bank said the package included $1.67 million of salary and a $5.33 million cash bonus. According to the bank’s personnel and compensation committee, the package granted reflects Citigroup’s return to profitability under Mr. Pandit, who was appointed CEO in December 2007.

The payout also rewards his performance last year, which he spent a revenue slump as the European soverign debt crisis rolled markets. Stocks fell 44%, the second-worst amongst the 24-company KBW Index.

The bank said, “The committee awarded annual incentive compensation, in addition to salary, to Mr. Pandit for the first time in four years in a manner commensurate with his responsibilities and the success of his implementation of Citi’s long-term strategies.” Mr. Pandit is slashing 5,000 jobs to get rid of as much as $3 billion from costs this year.

The revenues fell to $78.4 billion  in 2011, a 9.5% fall from the year earlier. The payout of CEO Vikram Pandit is separate from a retention package the committee awarded to him in May, under which he stands to collect about $40 million.

Citigroup Inc is a multinational financial services company formed from the mergers between the banking giant Citicorp and financial company Travelers Group. The company has the world’s largest financial services network, which spans 140 countries and approximately 16,000 offices worldwide.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: