Salary boost for Citi executives

NEW YORK: Citigroup Inc said it boosted the base salaries for its chief financial officer and a global markets co-head, but still plans to pay Chief Executive Vikram Pandit $1 for the year.

The compensation changes are the latest in a series of shifts by Wall Street as banks try to figure out how to get senior staff to perform well. The disclosures attach names to some of the 25 pay packages that Kenneth Feinberg, special master for Troubled Asset Relief Program executive compensation, approved last month. Feinberg disclosed the packages, but did not indicate the names of the recipients.

CFO John Gerspach's annual base salary will increase to $500,000 effective November 1 from $400,000 prior to Nov, while James Forese is receiving $475,000, compared with $225,000. Gerspach is also receiving $2.92 million of stock as salary for 2009.

Reuters

(China Daily 11/23/2009 page11)