Citigroup has paid its former CEO Vikram Pandit, who resigned abruptly last month, a bonus of US$6.7 million ($8.23 million) for work he did for the bank this year.
The bank, which disclosed the payment in a regulatory filing, also paid its former chief operating officer John Havens, who left the bank at the same time, US$6.8 million.
Citi characterised the payments as "incentive awards" and said the two executives weren't entitled to any severance payments as a result of their departures. The executives will get 40 per cent of the money right away and the rest in instalments through to 2017.
- AAP
