A Big Payday for Citigroup’s Pandit

In February 2009, after his bank received more taxpayer assistance than any other U.S. lender, Citigroup Chief Executive Officer Vikram Pandit told Congress he would take $1 a year in salary until the bank turned a profit. Now that Citigroup has posted a profit in five consecutive quarters, the board has rewarded Pandit with a substantial raise.

In January, the board increased his salary to $1.75 million. In May, Pandit, 54, got $10 million in deferred stock and options the company valued at $6 million to $6.5 million. He also entered a profit-sharing program that could net him millions more. In addition, on July 2, Pandit received $80 million, the last of the $165 million he was due from Citigroup’s purchase of his Old Lane Partners hedge fund in 2007, according to regulatory filings.