The former CEO of Citigroup, Vikram Pandit, who resigned last month, is going to walk away with a $6.7 million payout, even though Citigroup lost almost 90 percent of its stock price during his leadership.
Citigroup is calling the $6.7 million payout an "incentive award," which is ironic because Citigroup had an 88 percent profit loss during the third quarter, when Pandit supposedly earned his "incentive award."
During his entire career with Citgroup, Pandit banked $260 million.
Citigroup said Friday that the former CEO, who resigned last month in a management shakeup, will receive an “incentive award” of $6.7 million for his work at the bank this year. Former president and chief operating officer John Havens, who stepped down along with Pandit, is getting $6.8 million, according to a filing with the Securities and Exchange Commission.
The two men will also continue collecting deferred cash and stock compensation from last year, awards valued at $8.8 million for Pandit and $8.7 million for Havens.