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Former Citi chief Pandit gets $6.7 million bonus

By The Associated Press Modified: November 10, 2012 at 10:47 pm •  Published: November 11, 2012

In the filing, Citi's chairman, Michael O'Neill, said in a statement that Pandit and Havens made important contributions to Citi that warranted the payments.

“Vikram steered Citi through the financial crisis, realigned its strategy, bolstered its risk management processes and returned it to profitability…” O'Neill said. “Based on the progress this year through the date of separation, the Board determined that an incentive award for their work in 2012 was appropriate and equitable.”

As part of the agreements Citi made with Pandit and Havens granting the payments, the two executives agreed not to become affiliated with another major bank or to poach Citi executives or clients for a year.

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