BRIEF-Citigroup CEO, chairman, Robert Rubin won't take bonuses
, Jan 01, 2009 (Reuters via COMTEX News Network) -- Citigroup Inc:
* Enters agreement with U.S. Treasury Department governing executive
compensation - SEC filing
* CEO Vikram Pandit issues memo to staff
* Pandit says bonus pool is "dramatically lower" than last year, citing "the
harsh realities of 2008, primarily our earnings results"
* Pandit says "meritocracy requires differentiation in pay," and that
compensation will vary based on each person's performance, relative to bank's
overall performance
* Pandit says will not accept bonus for 2008, and that Chairman Win Bischoff
will also not receive a bonus
* Pandit says bonuses for senior leadership committee will be reduced
"substantially," and that those for executive committee "will be cut even more"
* Pandit says executive committee members will receive significantly larger
proportions of bonuses in deferred compensation than other employees
* Pandit says instituted policy in which bank can recoup executive
compensation that over time proves based on inaccurate financial or other
information
* Pandit says places significant new limits on executive severance; says
five senior executives listed in proxy statement can no longer receive severance
* Pandit says Robert Rubin has elected to take no bonus for second straight
year
((New York Equities Desk; tel: +1 646 223 6000))
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