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Citigroup to pay former executives $19m each

Published on Nov 10, 2012 3:51 PM
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Citigroup chief executive officer (CEO) Vikram Pandit gives an interview on the floor of the New York Stock Exchange on June 18, 2012. Mr Pandit resigned effectively immediately, the company said on October 16, 2012. Citigroup will pay its former CEO Vikram Pandit US$15.5 million (S$19.1 million), as well as his top deputy. -- PHOTO: REUTERS

NEW YORK (REUTERS) - Citigroup will pay its former chief executive officer (CEO) Vikram Pandit US$15.5 million (S$19.1 million), as well as his top deputy.

The bank said the payments to Mr Pandit and its former chief operating officer John Havens reflected the progress the bank made this year and work they did in some earlier years.

The statement came less than a month after board members led by chairman Michael O'Neill told Mr Pandit privately that his work was not satisfactory, sources said at the time.

Mr Michael Corbat, head of Europe, Middle East and Africa for Citigroup, was named the new CEO.

 
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