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| Pandit will continue with $1 salary |
| Press Trust of India / New York Nov 18, 2009, 17:09 IST |
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Vikram Pandit, the India-born chief executive of Citigroup, will continue to take the salary of $1 a year, although the financial services firm has raised base salaries for two of its senior officials.
In early 2009, Pandit had said he would take a $1 base salary and no bonus till the banking major returns to profitability.
Citigroup had received $45 billion as federal bailout money in the begining of the year. Although Citigroup has reported profits in the past two quarters, its continuing credit losses stands at $8 billion.
In a filing to the US market regulator Securities and Exchange Commission, Citigroup said the 2009 annual base salary of Pandit has not been increased and it remains at $1 per year for the fiscal year 2009.
"The Personnel and Compensation Committee of Citigroup board did not increase the 2009 annual base salary of Vikram Pandit, Chief Executive Officer, which remains $1 per year," Citi said.
The filing added that Pandit would not be awarded any stock salary as well for the fiscal year 2009.
Apart from Pandit, the company's vice chairman Stephan Volk's salary would remain at $5,00,000 per year.
The company has raised the salaries of chief financial officer John Gerspach and group co-head of Global Markets James Forese.
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