awards for a job well-done that we fired you for

  • Vikram Pandit of Morgan Stanley at Reuters Finance Summit.

    News

    Bonus Watch ’12: Ex-Citigroup CEOs

    Just because they unceremoniously threw him out on his ass doesn’t mean the board wants to see Vikram go home empty handed.

    Vikram Pandit, Citigroup’ ousted chief executive officer, will get about $6.7 million in 2012 compensation and will forfeit some awards tied to a $40 million retention package granted last year. John Havens, who resigned last month as Citigroup’s chief operating officer on the same day as Pandit, will get about $6.8 million for 2012 and also forfeit some awards, the New York-based lender said today in a regulatory filing. Citigroup is the third-largest U.S. bank by assets. “Based on the progress this year through the date of separation, the board determined that an incentive award for their work in 2012 was appropriate and equitable,” Chairman Michael E. O’Neill said in the filing. “While Citi will also honor all past awards that they are legally entitled to, there are no severance payments. Awards to which they are not legally entitled have been forfeited.”

    Citigroup’s Pandit $6.7 Million Compensation For 2012 [Bloomberg]

    / Nov 9, 2012 at 6:19 PM

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