Execs get multimillion bonuses

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.


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