Pandit gets $30-million as bonus

New York, Jan 27 | Updated: Jan 28 2008, 04:57am hrs
Worlds largest lender Citigroup has awarded its newly-appointed CEO Vikram Pandit stocks worth $30 million, even as the India-born executive has decided to forgo a cash bonus at the crisis-ridden bank.

The 1.1 million share units and options for additional three million shares being awarded to Pandit is estimated to be worth about $30 million (Rs 120 crore)an amount close to six times of total compensation paid by all the Indian banks together to their top executives last fiscal.

Nagpur-born Pandit was conferred by the Indian government Padma Bhushan, a prestigious civilian award, on Saturday.

The stock and options award was disclosed by Citigroup in a regulatory filing here late last week. This is higher than the total bonus worth $23.9 million given to previous CEO Charles Prince last year. Prince got 10.7 million dollars in stock and $13.2 million in cash bonus. The salary of Pandit, who took charge of Citigroup in December 2007 after Prince resigned amid mounting subprime crisis-related losses, is not known as yet.