Even as his company confronts a new legal onslaught from the Norwegians and settles an SEC lawsuit, Citigroup CEO Vikram Pandit has something to cheer about: He’s getting a raise from his $1 annual salary next year!
Citi chairman Richard Parsons said of Pandit, “He has worked tirelessly to put Citi back on the right track, spearheading a restructuring that has returned the company to profitability. Vikram’s decision is admirable but, beginning in 2011, the Board intends to compensate Vikram commensurate with the job of CEO of Citi.” Citigroup has been profitable in the first and second quarters of 2010.
Citi, which was thrice bailed out by the U.S. government and is currently 18 percent owned by the American taxpayer, is ratcheting up payouts to its top 25 employees by paying them in stock.
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