Posted: Jan 21, 2011 3:29 PM by Zach Thaxton
Updated: Jan 21, 2011 3:31 PM
NEW YORK (AP) - Citigroup Inc. is giving its CEO a big raise.
The New York-based bank is lifting Vikram Pandit's base salary to $1.75 million from just $1 a year, effective immediately. In 2009, Pandit pledged to take a $1 salary until the troubled bank returned to profitability. Citi was one of the hardest-hit U.S. banks during the credit crisis, and received a $45 billion government bailout.
Richard Parsons, chair of Citigroup Inc.'s board, said the board is "very pleased" with the progress that the bank has made under Pandit's leadership. In a regulatory filing Friday, Parsons said Pandit has "worked tirelessly to put Citi back on the right track."
Earlier this week, Citigroup reported its first full year of profits since 2007, when Pandit took over the top job. The government sold off the last of its stake in the bank in December.