Citigroup Gives Vikram Pandit $14.9 Million 2011 Pay Package

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http://www.bloomberg.com/news/2012-03-08/pandit-received-14-9-million-in-total-compensation-from-citigroup-in-2011.html

Citigroup Inc. (C), the third-biggest U.S. bank, said it gave Chief Executive Officer Vikram Pandit $14.9 million in total compensation for 2011, including his first bonus since the lender almost collapsed in 2008.

The package included $1.67 million of salary and a $5.33 million cash bonus, the New York-based lender said yesterday in a regulatory filing.

The award reflects Citigroup’s return to profitability under Pandit, who became CEO in December 2007, the bank’s personnel and compensation committee said in the filing. The payout also rewards his performance last year, which he spent grappling with a revenue slump as the European sovereign-debt crisis roiled markets. The stock tumbled 44 percent, second- worst among the 24-company KBW Bank Index.

“Although Citi’s reported financial performance was mixed, underlying client trends point to continued progress on our operating goals,” the bank said. “The committee awarded annual incentive compensation, in addition to salary, to Mr. 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.”