Citi awards CEO bonus plan worth nearly $23.4M

In this Nov. 25, 2008 file photo, a customer exits a Citibank branch in New York. The Wall Street Journal on Sunday, Feb. 22, 2009 reported the U.S. government could wind up holding as much as a 40 percent stake in Citigroup by converting preferred stock it has purchased in the bank in recent months into common stock. (AP Photo/Craig Ruttle, file)

  NEW YORK -- Citigroup Inc. says it is awarding CEO Vikram Pandit a multi-year bonus package that could be worth $23.4 million if the bank meets a series of performance objectives.

First, the New York bank says Pandit was granted deferred stock valued at $10 million. He will receive the stock in three equal installments at the end of 2013, 2104 and 2015, if the goals are met.

Second, Pandit will receive up to $6.7 million in cash as part of a profit sharing plan, as long as the bank earns $12 billion for 2011 and 2012 combined.

Finally, he will get a total of 500,000 stock options with a fair value up to $6.5 million.

Pandit received a $1 salary and no bonus or stock awards in 2010.

(Copyright ©2011 by The Associated Press. All Rights Reserved.)
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