With the economic turmoil straining their financials,top executives of many American corporates,including Citigroup chief Vikram Pandit and AIG’s Edward Liddy,are opting for just USD 1 salary.
Senior executives at internet search giant Google have also decided to take a token salary of USD 1.
Internet search giant Google Inc’s top executive trio — co-founders Larry Page,Sergey Brin and chief executive Eric Schmidt — have voluntarily taken only one dollar in salaries in 2008.
Interestingly,these US companies have posted huge losses except Google whose profit margins have declined in the latest quarter.
In the wake of the financial turmoil,the Wall Street has come under severe criticism from different quarters for huge payouts and bonuses to its employees.
Recently,India-born Pandit,who has been at the helm of Citi for more than a year,said that he would take only USD 1 as salary,till the financial services major turns profitable.
Pandit would also not take any bonus.
Citi has been severely hit by the financial meltdown and has already received billions of dollars from the US Federal government.