Pandit will continue with one dollar salary

Citigroup had received 45 billion dollars as federal bailout money in the beginning of the year. Although Citigroup has reported profits in the past two quarters,its continuing credit losses stands at USD eight billion.

In a filing to the US market regulator Securities and Exchange Commission,Citigroup said the 2009 annual base salary of Pandit has not been increased and it remains at USD one per year for the fiscal year 2009.

8220;The Personnel and Compensation Committee of Citigroup board did not increase the 2009 annual base salary of Vikram Pandit,Chief Executive Officer,which remains one dollar per year,8221; Citi said.

The filing added that Pandit would not be awarded any stock salary as well for the fiscal year 2009.

Apart from Pandit,the company8217;s vice chairman Stephan Volk8217;s salary would remain at USD 5,00,000 per year.

The company has raised the salaries of chief financial officer John Gerspach and group co-head of Global Markets James Forese.