Citigroup pay restrictions introduced
The recipient of a $45bn (€32bn) infusion from the US government, Citigroup Inc says it will place strict limits on management’s compensation, including no severance for its top five executives.
Under pressure from politicians, Citigroup chief executive Vikram Pandit and chairman Win Bischoff opted to forego their 2008 bonuses.
The company’s new executive pay limits also feature a clawback provision in which Citigroup can recoup executive pay “that over time proves to be based on inaccurate financial or other information”.
