Citigroup Chief’s Bonus Totals $3.7 Million (C)
Citigroup Inc. (NYSE: C) CEO Vikram Pandit was awarded an annual bonus for 2011 of $3.7 million in stock after the bank posted net income for the year of $11.3 billion. Twelve Citi executives shared a total of $25 million…
Citigroup Inc. (NYSE: C) CEO Vikram Pandit was awarded an annual bonus for 2011 of $3.7 million in stock after the bank posted net income for the year of $11.3 billion. Twelve Citi executives shared a total of $25 million in bonuses for the year reports Bloomberg Businessweek.
Citi plans to cut 5,000 jobs and reduce expenses by $3 billion in 2012 in an effort to control costs.
Pandit took an annual salary of $1 in 2010 and received no stock or stock options in either 2009 or 2010. His salary was re-instated at $1.75 million in 2011.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
