"Wall Street CEO Gets $6.7 Million Payout After Crashing His Company"
Citigroup said Friday that the former CEO, who resigned last month in a management shakeup, will receive an “incentive award” of $6.7 million for his work at the bank this year. Former president and chief operating officer John Havens, who stepped down along with Pandit, is getting $6.8 million, according to a filing with the Securities and Exchange Commission.
The two men will also continue collecting deferred cash and stock compensation from last year, awards valued at $8.8 million for Pandit and $8.7 million for Havens.
The company suffered a profit loss of 88 percent during the third quarter, when Pandit supposedly earned his “incentive award.” During his time at Citi, Pandit made some $260 million in total compensation, even accounting for the year he took a $1 salary during the financial crisis.
Several Wall Street heavyweights have recently said that banks need to rethink the sky-high compensation they’ve been paying (which has helped exacerbate the nation’s income inequality). For instance, Morgan Stanley CEO called the financial industry “overpaid.” “There’s way too much capacity and compensation is way too high,” he said.