The Straits Times
Published on Nov 10, 2012

Citigroup to pay former executives $19m each


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.