Citigroup's CEO Vikram Pandit received $14.8 million in total compensation for 2011, according to an Associated Press analysis of a regulatory filing.
The New York bank said Pandit's compensation included a base salary of $1.6 million, a cash bonus of $5.3 million and deferred stock options worth $7.8 million. Pandit received a token $1 in compensation in 2010.
In February 2009, Pandit said he would accept a salary of $1 until the bank was able to turn a profit. The bank had nearly collapsed during the financial crisis and was rescued by $45 billion in bailout money from the government in late 2008.
Citi has since turned a corner and reported its second full year of profits after Pandit took over as CEO in 2007.
Pandit was also awarded $10 million of retention pay. However, since that pay vests in 2013 through 2015, it wasn't calculated as part of his 2011 compensation. The retention pay will have to be cleared by Citi's compensation committee and is not based on financial metrics. The committee will assess Pandit on measures including talent management, organizational culture and risk management.
The AP's executive pay calculation aims to isolate the value the company's board placed on the CEO's total compensation package. The figure includes salary, bonus, incentives, perks and the estimated value of stock options and awards.
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