Citigroup CEO Pandit earns $1 in 2010 pay

AP News
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Posted: Feb 28, 2011 6:41 PM
Citigroup CEO Pandit earns $1 in 2010 pay

Citigroup Inc. CEO Vikram Pandit received $1 in total compensation for 2010, according to an Associated Press analysis of a regulatory filing.

In a securities filing Monday, the New York bank said Pandit's salary was $1. He received no bonus or stock awards.

Citigroup was among the hardest hit of the large U.S. banks during the financial crisis that peaked in 2008, and was bailed out twice by the government for a total of $45 billion. Pandit promised in February 2009 to take only a $1 salary until the bank reported a profit.

In January, Citi reported its first full year of profits after Pandit took over as CEO in 2007. Soon after, the bank said it was raising Pandit's base salary to $1.75 million for 2011. He is also eligible for other incentives that include stocks and options in 2011.

Before agreeing to a $1 salary in 2009, Pandit had already received $125,000 in salary. His only other compensation that year was $3,750 in 401(k) benefits. In 2008, Pandit's compensation package was valued at $38.2 million.

In December, Citi was able to extricate itself from government ownership when the U.S. Treasury sold the last of its stake in the bank for a profit of $12.3 billion.

Citigroup Chief Financial Officer John Gerspach received $4.67 million in 2010 compensation, while the head of the bank's client group, John Havens, received $9.5 million, according to the filing.

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.