Citigroup CFO awarded over £12m last year
Citigroup’s chief financial officer Gary Crittenden received huge cash bonus despite bank’s poor performance
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).
Further reading:
Investors blast credit crunch
knowledge gap