Monday’s Headlines: Citi CEO Pandit to be paid $53 million despite performance
Citibank chief executive officer Vikram Pandit is set to receive a multi-year compensation package worth up to $53 million dollars, despite Citibank shares’ poor performance last year, Bloomberg reports.
Pandit will be paid $15 million for 2011, a year when Citibank revenue dropped and shares posted the second-lowest returns on the KBW Bank Index, Bloomberg notes. He is also set to receive a multi-year retention package that could push his total pay as high as $53 million. Pandit also made $80 million last year on the 2007 sale of his Old Lane Partners hedge fund.
“Pandit, 55, is being rewarded with more compensation after accepting a $1 annual salary for most of 2009 and 2010 as he helped the bank recover from the brink of collapse and boosted net income 4 percent to $11.1 billion last year,” Bloomberg writes. “Still, the stock slid 44 percent last year and revenue fell almost 10 percent as Europe’s sovereign-debt crisis roiled markets.”
Goldman Sachs wants to add 300 employees in Salt Lake City this year. [Reuters]
Wells Fargo, others may double dividends if they pass Fed stress test this week. [Financial Times]
Top banks target “mass affluent” to boost revenue on mutual funds, retirement advice. [New York Times]
Hedge fund investor inflows jumped last month, as investors hope for euro crisis resolution. [Reuters]
Goldman Sachs to hold its annual board meeting in India for the first time. [Wall Street Journal]
SEC probes whether stock exchanges gives preferential treatment to big clients. [Financial Times]
Citigroup promotes Peter Tegue to co-head of global mergers and acquisitions. [Reuters]
Top investment banking stocks may gain, following huge Q1 credit market rally. [Bloomberg]
Bank lawyer accuses MBIA CEO Joseph Brown Jr. of insider trading. [DealBook]
UK’s Natwest and Nationwide launch NewBuy mortgages, targeting retail borrowers. [Financial Times]