CitiGroup To Pay Former CEO $15 Million to NOT Work For Them
Former CEO gets additional $15 million after sources say he was fired
Bankers really can't lose. Less than a month after he "resigned," Citigroup will pay former CEO Vikram Pandit $15.5 million not to work for them.
To be clear, this is not a severance package or the last part of aggregated salary, this is literally money Citi is paying Pandit to not work for them.
Citigroup shareholders are not pleased with the announcement of Pandit's windfall, mostly because reports are abound that his resignation was forced. Bloomberg.com reported days after his "resignation" that the company found Pandit's "mismanagement of operations caused setbacks with regulators and cost credibility with investors," which is the banking executive equivalent of stealing boxes on his day off.
Citi will also pay former COO John Havens to not work for them.