Citi Pandit's stars shine; annual hike of $1.75 mn
Vikram Pandit had assumed the CEO hat when Citigroup was going through some tumultuous times. He had pledged in 2009 to take home an annual salary of $1 until the Citigroup gets back to its feet. After gaining encouraging results in the last couple of quarters, the board gave Vikram his much needed annual hike of $1.75 million.
The hike though huge is meager compared to the insane compensation granted to other high-profile CEOs. "The worst is over for Citigroup - certainly there was a point in which people thought it would have to be broken up," Richard Lipstein, managing director at Boyden Global Executive Search has been quoted as saying. "The days of the $1-a-year Wall Street CEO are over," he added.
Vikram Pandit can be solely credited to turning the US bank around and for its rising-from-the-ashes phenomenon. He put in ideas like selling off assets, cutting staff, focusing on its core businesses, including investment banking and retail banking for affluent customers globally.