Citigroup gives Pandit $16.6 mln retention bonus

[sasha031]

Citigroup Inc (C.N) will award Chief Executive Officer Vikram Pandit over $16.6 million in deferred compensation, plus stock options, as a retention bonus, according to a regulatory filing on Wednesday.

The third largest U.S. bank, which needed $45 billion in U.S. bailouts to survive the financial crisis, said the bonus was designed to retain Pandit as CEO. He took over Citigroup at the end of 2007, as the bank started to recognize massive losses.
Citigroup will give Pandit $10 million worth of deferred stock if he achieves certain nonfinancial goals, according to the filing. That part of the award will vest in three equal, annual installments starting at the end of 2013.
Pandit will also be eligible for a cash bonus of approximately $6.65 million if the bank earns at least $12 billion before taxes over 2011 and 2012.

Citigroup will also give Pandit 500,000 stock options, subject to certain conditions.

The bank is already paying Pandit a $1.75 million base salary for 2011.
http://www.reuters.com/article/2011/05/18/us-citigroup-pandit-idUSTRE74H6UD20110518