PANDIT GETS $16M RETENTION BONUS

CITIGROUP has awarded chief executive Vikram Pandit over $16.6m (£10.3m) in deferred compensation plus stock options as a retention bonus, a far cry from the $1 salary he took in response to the financial crisis. The third-largest US bank, which needed $45bn in US bailouts to survive the financial crisis, said in a regulatory filing yesterday that the bonus was designed to retain Pandit as chief executive officer.