Citi’s Pandit gets raise of $1.75 m

Jan 23, 2011 |

IANS

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Washington, Jan. 22: Mr Vikram Pandit, the Indian American CEO of Citigroup Inc, is getting a big boost in his base salary from just $1 to $1.75 million after the bank reported the first profit for a year under his watch.

Mr Pandit, 54, has led America’s third largest bank since December 2007 and oversaw its $45 billion bailout by taxpayers the next year. In February 2009, he pledged to lawmakers that he would take a salary of $1 until the firm returned to profitability, and this week it reported a $10.6 billion profit for 2010.

Mr Richard Parsons, chair of Citigroup Inc’s board, said the board is very pleased with the progress that the bank has made under Mr Pandit’s leadership.

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