Citigroup’s chief executive Vikram Pandit took home $15 million in compensation in 2011, the banks’ Securities Exchange Commission or SEC filing said. That is quite a hike considering India born Pandit took home only $1 token compensation in 2010. Pandit had voluntarily taken a pay cut to a nominal $1 in February 2009 as the bank was in a financial mess.
The bank has however seen a revival in its fortunes, and as a result the bank board had decided he deserved a full salary last year. This was the first time in three years Pandit was taking home salary.
In 2011, Pandit received about $1.7 million in base salary and a cash bonus of about $5.3m, roughly $4m in deferred stock and about $4m in deferred cash, according to the bank’s proxy filing with the Securities and Exchange Commission.
Calling Pandit as deserving executive, the company in its filing said he has led Citi’s return to profitability and has positioned the company for future growth.
Total compensation for John Havens, Citi’s president and head of its capital markets business, was valued at $13 million.
According to the filing, the bank’s revenues in 2011 fell 9.5% to $78.4 billion as against previous year. Meanwhile the bank posted a 4% jump in profits to $11.1 billion for the sameperiod. Pandit had slashed about 5,000 jobs and saved upto $3 billion in costs.