BBC News, 9
November 2012
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| Mr Pandit resigned a day after Citigroup reported a steep fall in profits |
Former
Citigroup chief executive Vikram Pandit, who stood down last month, will get
more than $15m (£9.4m) as part of a settlement with the banking giant.
John
Havens, the chief operating officer who resigned at the same time, will receive
a similar amount.
The
payments were disclosed in filings to the Securities and Exchange Commission
late on Friday.
At the time
of the resignations there were reports of disagreements with investors over
Citi's strategy.
Mr Pandit's
payments include $6.65m for incentive pay for work in 2012 and deferred stock
and cash incentive awards valued at $8.83m.
Mr Havens'
payments include $6.79m for 2012 and $8.73m worth of deferred stock and cash
incentive awards for work in 2011 and 2008.
"Vikram
and John made significant contributions to Citi during their five years of
service," Citigroup chairman Michael O'Neill said in statement included in
the filing.
Mr Pandit
resigned on 15 October, a day after Citi reported an 88% drop in quarterly
profits to $468m.
In a
conference call at the time, Citi chairman Michael O'Neill said Mr Pandit's
departure was not due to any "strategic, regulatory or operating
issue".
He added:
"Vikram offered his resignation and the board accepted it."
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