Citigroup's Vikram Pandit to receive $15 million

  • Former Citigroup chief executive Vikram Pandit, who stepped down last month, is to receive more than $15 million as part of a settlement with the bank.

    John Havens, the chief operating officer who resigned at the same time, will get a similar amount.

    The payments were revealed in filings to the Securities and Exchange Commission on Friday.

    Pandit's payments include $6.65 million for incentive pay for work and deferred stock and cash incentive awards estimated to be worth $8.83 million.

    Havens will receive $6.79 million in incentive pay along with $8.73 million worth of deferred stock and cash incentive awards for work in 2011 and 2008.

    Pandit stepped down on October 15, a day after Citi reported an 88 percent drop in quarterly profits to $468 million.