Citigroup chief financial officer Gary Crittenden was paid $24.5m (£12.25m) last year, including a cash bonus of $14m (£7m), despite the bank’s poor performance in 2007.
Last year the bank was hit by more than $20bn (£10bn) in write-offs as the sub-prime mortgage crisis in the US hit hard and shares plummeted by 47%. While other Wall Street banks withheld bonuses for their management teams, Citigroup gave at least six senior executives more than $1m (£500k), according to the New York Times.
Crittenden’s remuneration package, however pales in comparison with that of his chief executive, Vikram Pandit. He received $2.7m in pay for leading the bank’s investment bank and alternative investments group, was given a sign on grant of options worth $48m and $165.2m for the sale of Old Lane Partners, bought last April for $800m, bringing the total to a staggering $216m (£108m).
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