Citigroup places restrictions on executives

Calcutta News.Net
Thursday 1st January, 2009

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Citigroup has told the US federal government it will place strict limits on its management compensation.

Citigroup was the recipient of a $45 billion cash injection from the federal government, which stipulated there should be no severance for its top five executives.

Citigroup Chief Executive Vikram Pandit and Chairman Win Bischoff opted to forego their 2008 bonuses after pressure stemming from the bailout payment.

The compensation restrictions also include the use of corporate aircraft and costs related to entertainment or holiday conferences.

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