Former Citi CEO Pandit gets $6.7 million for 2012

Vikram Pandit isn't getting a golden parachute, but he's still not doing too badly.

Citigroup (C) said Friday that the former CEO, who resigned last month in a management shakeup, will receive an "incentive award" of $6.7 million for his work at the bank this year. Former president and chief operating officer John Havens, who stepped down along with Pandit, is getting $6.8 million, according to a filing with the Securities and Exchange Commission.

The two men will also continue collecting deferred cash and stock compensation from last year, awards valued at $8.8 million for Pandit and $8.7 million for Havens. They will not receive severance pay, and will forfeit all compensation "to which they are not legally entitled," including portions of the multi-million dollar retention packages they got last year, Citi said in the filing.

After getting a 2008 pay package valued at $10.8 million at the time, Pandit said he would take a $1 salary until the bank returned to profitability. Citi was one of the largest recipients of bailout funding from the U.S. government.

Vikram Pandit's rocky ride at Citi
Vikram Pandit's rocky ride at Citi

Pandit received $1 salaries in 2009 and 2010. His big payday came last year, when he and Havens were able to cash in stakes worth $80 million each in connection with Citigroup's purchase of their hedge fund, Old Lane. Citigroup bought Old Lane in July 2007 for $800 million and shuttered it less than a year later.

Earlier this year, Citi's shareholders recommended that the board reject Pandit's $15 million pay package for 2011. The bank's new CEO, Michael Corbat, will be paid a salary of $1.5 million and "regular incentive awards and benefits for his service," the bank said in a regulatory filing.

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