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Citigroup pays fired executives millions

Nov. 10, 2012 at 10:33 AM

NEW YORK, Nov. 10 (UPI) -- U.S. banking giant Citigroup said it would pay its recently fired Chief Executive Officer Vikram Pandit $6.65 million as a bonus for his work in 2012.

The bank said it would pay Pandit the bonus as part of his "incentive" pay, The New York Times reported Saturday.

The bank's board of directors announced Pandit resigned in October, but his sudden departure was orchestrated by Chairman Michael O'Neill, the Times said. His resignation was announced in conjunction with the ouster of Chief Operating Officer John Havens.

Pandit is scheduled to receive a stock and cash package worth $8.8 million, but he will lose out on retention pay, that a source said was worth $24 million.

Havens is expected to be given $6.8 million in incentive pay on top of a deferred stock and cash package worth $8.725 million. But he will also lose his retention pay, the Times said.

The bank named Michael Corbat as Pandit's replacement.

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