Citigroup CEO Pandit sees his salary (re)inflatePosted: January 22, 2011
Hopefully, by now, you have been disabused of the notion that deflation remains a serious and imminent threat for the U.S. (or global) economy. Certainly, Vikram Pandit, Citigroup CEO, knows all about inflation’s positive benefits.
After reporting an incredible $10.6 billion in profits last year, Pandit was rewarded with a 75% pay hike. His base salary went from a mere $1 to a more appealing $1.75M. Pandit froze his salary at $1 in response to the severe recession that almost wiped out the bank before the U.S. government bailed it out.
More details in Bloomberg: “Citigroup Boosts Pandit’s Base Salary to $1.75 Million From $1.” This article also references the bonuses paid out to several other Citigroup executives.