Citigroup Halts Payouts to Former Execs
Promised severance packages curtailed to avoid public anger
By Jason Farago,  Newser Staff
Posted Jun 2, 2009 5:07 AM CDT
Citigroup CEO Vikram Pandit leaves the White House in Washington following a meeting between chief executives and President Barack Obama.    (AP Photo/Evan Vucci, file)
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(Newser) – Citigroup has told several of its top former executives that it will not pay out millions in promised severance pay, reports the Wall Street Journal. The bank has already forked out more than half of the $100 million it had pledged to five or so senior employees, but it is halting the remainder to avoid any public backlash. Citigroup has received $50 billion in public capital, and the government will soon own 34% of the bank's common shares.