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February 25, 2013

After Revolting Over Pandit's $15M Citi Gives New CEO $11.5M

You’ve got to wonder what ousted Citi CEO Vikram Pandit is thinking today as his replacement is awarded $11.5 million.

The nation’s third largest bank will pay its new CEO Michael Corbat $11.5 million for 2012, and it announced a new pay plan for executives following shareholder dissatisfaction.

There’s a chance doesn’t care very much. He did, after all, make hundreds of millions during his tenure at Citi including $165 million in the sale of his hedge fund to the bank. But even after all those millions of dollars in pay Pandit left Citi a failure.

He was ousted last fall suddenly amid dreadful performance as shares of the bank fell 90% under his watch. The bank failed the Fed’s famed stress test–an embarrassing moment for the big bank which received tens of billions in federal bailout funds. The last straw came when Pandit asked for a $15 million pay package for 2011.”

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Read full Forbes article here

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