Although Citigroup lost 88 percent of its value under CEO Vikram Pandit, he will leave the bank with a compensation package of around $260 million, following his abrupt resignation earlier this week.
If there are no adjustments to Pandit’s package, he will be paid be paid $261 million for his five years since he became the bank’s CEO, according to thinkprogress.org.
On October 16, Pandit unexpectedly resigned as CEO. While the bank and Pandit have officially maintained that he resigned, many speculate that he was forced out by the board on account of eroding investor confidence and poor company relations with regulators over an extended period.
