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NEW YORK (AP) - Citigroup Inc.'s new chief executive Vikram Pandit received $3.16 million in total compensation during 2007 — the year that started with him running his own hedge fund and ended with him at the top of the largest U.S. bank by assets.
And to convince Pandit to stay with the troubled bank while he works to extricate it from losing bets on mortgages and the now-frozen credit markets, Citigroup's board in January signed off on awards valued at about $102 million. That includes a $2.5 million retention equity award; nearly $27 million worth of stock, and 3 million options that in January were worth around $73 million.
For his six months at Citigroup last year, Pandit received a salary of $250,000, according to a Thursday regulatory filing. He received no cash bonus and no perks, but got stock and option awards in July worth $2.91 million.
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