Vikram Pandit,the Indian American CEO of Citigroup,said he will take a salary of 1 dollar a year and no bonus till the banking major returns to profitability.
Appearing before the House Financial Services Committee along with seven other top US CEOs of companies which received bailout fund from the federal government,Pandit said,”My compensation for the year 2008 was my salary,which is one million dollars. I received no bonus. And as I stated earlier,I plan to take a 1 dollar a year in salary and no bonus until we return to profitability”.
The top executives Wall Street firms are facing criticism for drawing hefty salary packages amid the growing financial crisis and the government dolling out billions of dollars to put the battered economy on track.
Citigroup has received 45 billion dollars as federal bailout money.
As Pandit,so were the other CEOs,was grilled by agitated lawmakers during the hearing,the Citigroup CEO said: “We are amidst a once-in-many-generation economic event. And it really is about GDP and unemployment. We need to arrest that.
“We have to stabilise housing. It started there,we need to fix it there,keep people in their homes,avoid foreclosures,try to get that to stabilise,” he said.