Citigroup CEO, chairman, CFO get no bonuses

Reuters, Jonathan Stempel, January 21, 2009

 

Citigroup Inc (C.N) on Wednesday said Chief Executive Vikram Pandit, Chairman Win Bischoff and Chief Financial Officer Gary Crittenden refused to be considered for incentive or retention awards, following five straight quarterly losses for the bank.

 

In a U.S. Securities and Exchange Commission filing, Citigroup said its board on Jan 14 granted stock awards to the other members of the bank's executive committee. The awards vest over four years, with half of each individual's award having a $10.61 price target and half having a $17.85 target.

 

These other executives also received 10-year stock options with exercise prices at the same levels, Citigroup said.

 

Shares of Citigroup closed Tuesday at $2.80, and had closed on Jan 14 at $4.53.

 

Citigroup lost $28.55 billion over the last 15 months, including $18.72 billion in 2008, amid soaring writedowns for mortgage and other debt, and rising credit losses as economies and credit markets deteriorated worldwide.

 

The third-largest U.S. bank by assets cut its quarterly dividend on Tuesday to 1 cent per share from 16 cents to comply with terms of a U.S. government rescue it got in November.

 

The government injected $20 billion of capital from its Troubled Asset Relief Program, on top of $25 billion it had previously injected, and agreed to absorb some losses on more than $300 billion of troubled debt.

 

http://www.reuters.com/article/governmentFilingsNews/idUSN2145679720090121

 

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