Citi Cuts Bonuses, Severance for Top Execs

Updated from 10:54 a.m. EST

Citigroup (C Quote) shares finished down 1.3% Wednesday on news that the troubled financial giant was slashing bonuses and severance packages for many top executives.

Citi was required to make changes to its executive compensation plan after receiving more than $45 billion in capital from the U.S. Treasury this fall. The government has approved Citi's new compensation plans, the bank said in an internal memo sent to employees on Wednesday.

Under the new plan, Citi CEO Vikram Pandit, who just passed his first anniversary as head of the financial services giant, Citi chairman Sir Win Bischoff and senior advisor Robert Rubin will not receive bonuses for 2008. ...