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Updated: November 18, 2009 17:07 IST

Citi chief to continue with $1 salary

PTI
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Vikram Pandit, Chief Executive of Citigroup, has decided to continue with a pay packet of $1 per year. File Photo: PTI
PTI Vikram Pandit, Chief Executive of Citigroup, has decided to continue with a pay packet of $1 per year. File Photo: PTI

In the age of 10-digit salaries, Chief Executive of Citigroup Vikram Pandit continues with a compensation packet of $1 per annum.

Vikram Pandit, the India-born chief executive of Citigroup, will continue to take a salary of $1 a year, although the financial services firm has raised base salaries for two of its senior officials.

In early 2009, Mr. 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 beginning 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 U.S. market regulator Securities and Exchange Commission, Citigroup said the 2009 annual base salary of Mr. Pandit has not been increased and it remains at $1 per year for the fiscal year 2009.

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