Citigroup Wanted To Give Vikram Pandit A Bonus This Year

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Not because the bank was finally able to turn a profit-- obviously it didn't-- but because it made remarkable strides to suck less than it did the year prior (witness a mere $1.6 billion loss for 2009 versus $27.7 billion), all thanks to Uncle Vikula. Unfortunately our Pandito is a man of his word, and when he pledged last February to only accept $1/year, wear a hair shirt and flirt with Meredith Whitney until he righted this bitch, he meant it. That doesn't mean the board can't let everyone know just how proud they are of their little Vickles, though.

“Mr. Pandit’s performance in 2009 merited an incentive award, but the committee respected Mr. Pandit’s commitment,” compensation committee members led by Alain Belda, the chairman of Alcoa Inc., said in the letter. “The committee took into account the substantial progress made against Citi’s strategic priorities.”

Don't go feeling too bad for VP just yet: in lieu of any cash money, he did have a lunch thrown in his honor by the Prince over the weekend. You can't buy shit with it, but nothing says 'thanks' like finger sandwiches cut in the shape of your face.

Citigroup Board Says Pandit Deserved Bonus for 2009 ‘Progress’ [BW]

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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]

Bonus Watch '12: Retired Citigroup CEOs

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