NEW YORK – Citigroup’s India-born CEO Vikram Pandit has received nearly $15 million (about Rs 75 crore) as his compensation for 2011, as he got his first cash bonus in about four years at the global banking giant.
As per a regulatory filing by Citi, Pandit’s pay package for 2011 included a salary of $1.67 million, a cash incentive of $5.33 million and stock options valued at $7.98 million, totalling to $14.98 million. This is the first time Pandit has got a bonus at Citi and had also got only a token salary of one dollar for 2010. Soon after taking charge in December 2007, Pandit had also decided to forego his cash bonus at the bank.
“The committee awarded annual incentive compensation, in addition to salary, to 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,” Citigroup said.
Pandit had pledged in 2009 to receive an annual salary of one dollar until the struggling Citigroup returned to sustained profitability. Massive losses during the financial crisis had forced the bank to take $45 billion in US government bailout funds.
Citigroup reported an earnings of $11.1 billion in 2011, besides, the bank has had posted eight consecutive quarters of profitability. In 2010, The bank’s net income was $10.6 billion in 2010 against a loss of $1.6 billion in the previous year.
