Citi Boss Vikram Pandit Scores Huge Bonus

He'll make at least $23.2 million; had been earning $1
By Kevin Spak,  Newser Staff
Posted May 19, 2011 8:45 AM CDT
In this file photo taken Dec. 16, 2010, Citigroup CEO Vikram Pandit speaks during Citibank's new high-tech banking center opening in New York's Union Square.   (AP Photo/Mary Altaffer, file)

(Newser) – Vikram Pandit isn’t the lowest-paid guy on Wall Street anymore. Citigroup has rewarded its CEO, who has worked for a token $1 salary for the past two years, with a massive retention package. If the company hits its estimated performance, Pandit will make $23.2 million in stock and cash. But if it hits the loftier numbers analysts are expecting, that windfall will balloon to $42 million, Bloomberg reports.

The money will be doled out over the next four years, on top of Pandit’s regular salary and annual bonuses. The package likely marks the unofficial end of the era in which banks reined in executive pay following the financial crisis, the New York Times observes. Still, the company was careful to avoid the word “bonus,” instead terming it a “long-term, multiyear performance-based award.”

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