• search
For Quick Alerts
For Daily Alerts

Citi Pandit's stars shine; annual hike of $1.75 mn

By Anita

Vikram Pandit
New York, Jan 22: Citigroup CEO Vikram Pandit has a lot to be proud of and has weathered the storm with considerable panache. The man is surely reaping the benefits of his hard work and perseverance. He has managed to get a raise of $1,749,999 due to the ecouraging growth Citigroup has managed to achieve after recession and the bailout by the US government.

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.

Read: Citigroup's Pandit to take home $ 1 salary

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.

OneIndia News

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more