Citi's Pandit Stays With Annual Salary of $1 - TheStreet



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(C) - Get Report

gave raises and stock awards to some senior executives this year, but CEO Vikram Pandit wasn't one of them, according to a regulatory filing on Tuesday.

Citi's personnel and compensation committee approved raises for annual base pay for CFO John Gerspach by $100,000 to $500,000 and for James Forese, Citi's co-head of Global Markets, by $250,000 to $475,000, according to a filing with the

Securities and Exchange Commission

on Tuesday.

Pandit's salary will remain at $1 per year. Vice Chairman Stephen Volk's salary remains at $500,000 per year, the company said.

Citi also granted stock salary awards for the fiscal 2009 year to Gerspach, Forese and Volk, of $2.9 million, $5.4 million and $3.4 million respectively.

Pandit did not receive a stock award under the approval.

The approvals were in accordance with permission granted by the Office of the Special Master for TARP Executive Compensation. The regulatory approval came in a "Determination Memorandum" attached to its Oct. 22 letter to the firm.

The salary increases are retroactively effective beginning Nov. 1, 2009, the filing said.

The stock awards can only be sold or transferred by the executives in "three equal annual installments beginning on January 20, 2011." The filing also states that, if Citigroup is able to repay its TARP obligations at some point, the annual installments "can be sold or transferred one year earlier."

Citigroup has received $45 billion worth of government bailout funds under the TARP program. In September, it completed a long-awaited $58 billion preferred-to-equity shares exchange in which the government became largest holder of the company's common stock.

Bank of America

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has repeatedly spoke of its desire to get out from under the government's grasp, while

Wells Fargo

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has noted on numerous occasions that it will use future earnings to pay back TARP.

Shares finished Tuesday up 6 cents at $4.24. The stock, one of the most-heavily traded issues on the New York Stock Exchange, is still down more than 50% in the past 52 weeks, based on Monday's close, but it has rebounded since breaking below a $1 in early March. However, since reporting its third-quarter results on Oct. 15, the stock is down nearly 11%.

--Written by Laurie Kulikowski in New York.