Citi hikes executive salaries; CEO Pandit to wait until 2011
25 Sep 2010
Citigroup Inc said on Friday its board of directors has decided to raise salaries of its top 25 executives, except for CEO Vikram Pandit, who will continue to draw a $1 salary for the whole of this year.
In its regulatory filing with the US Securities and Exchange Commission (SEC) on Friday the bank said senior executives will receive incentive pay for 2010 in common shares, as high as $9 million each.
In the latest sign that the bank is recovering from the financial crisis, Citi made a public filing detailing the extend of salary hikes for its various executives.
Citi said it would raise CEO Vikram Pandit's salary beginning 2011.
Pandit had, in February 2009, vowed to take home a nominal $1 as annual salary till City returned to profitability.
"Beginning in 2011, the board intends to compensate Vikram commensurate with the job of CEO of Citi," chairman Richard D Parsons said in a statement.