According to news reports, Citigroup’s Chief Executive, Vikram S. Pandit declined a good compensation deal for the straight second year. This move over the package would have enabled him to prevent the hue and cry over salary in the post bailout period.
On Friday, a corporate filing revealed that Mr. Pandit told the Citigroup’s board that for the year 2010, he would take $1 a year as pay, even though the Company’s board feels that he is entitled to a generous salary.
In February 2009, at a Congressional hearing, Mr. Pandit had vowed that till the time the bank does not swing back to success, he would only accept a token amount as his salary.
Citigroup’s Chairman, Richard D. Parsons said that the board is “very pleased” with Mr. Pandit’s efforts. He said that Mr. Pandit’s decision of taking minimum compensation is commendable, but next year he would be rewarded at par with the chiefs of other banking heads.
In a statement, Mr. Parsons said, “Although we respect Vikram’s decision again to decline salary or an incentive award for 2010, we believe that his performance would merit a different outcome”.
Citigroup is amongst the first leading banks that has unveiled its payout plans for 2010. And it is likely that its Wall Street competitors will monitor its decisions narrowly.
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