Citigroup Boosts Pandit's Base Salary to $1.75 Million From $1

Citigroup Inc., the third-largest U.S. bank by assets, said it increased Chief Executive Officer Vikram Pandit’s base salary to $1.75 million from the $1 he earned for each of the past two years.

Pandit, who has led the New York-based bank since December of 2007, “has worked tirelessly to put Citi back on the right track, spearheading a restructuring that has returned the company to profitability and positioning the company for future growth,” Chairman Richard Parsons said in a statement today.

The new salary is effective immediately, according to the statement.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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