Citi's Havens earned $9 mn last year: WSJ

Financial services major Citigroup Inc's chief of investment banking John Havens received over $9 million in compensation last year, making him the highest paid employee in the firm, a media report said.

According to the report in the Wall Street Journal, Havens took home more than $9 million in total compensation last year.

Havens' pay package consisted primarily of 2.7 million shares of Citigroup, which he received on December 30, as per a regulatory filing.

Those shares, which Havens is restricted from selling immediately, accounted for his entire bonus and a portion of his salary. The shares were worth $8.97 million based on Citigroup's $3.32 share price as on December 30.

The daily stated that Havens, a confidant of Citigroup Chief Executive Vikram Pandit, also received a cash salary, but Citi has not disclosed the amount.

The WSJ report attributed a person familiar with the matter as saying said it was less than $500,000.

Citigroup, which received $45 billion in bailout funds, has come under criticism for exorbitant salary packages doled out to its executives.

Last month, the financial services firm repaid $20 billion of those funds, but the US government remains its largest shareholder with a roughly 27 per cent stake.