[ by Melanie Gretchen ]

Ex-CEO Vikram Pandit and ex-COO John Havens received "incentive" bonuses of $6.65mn and $6.8mn, respectively, from the appreciative Citigroup Board of Directors.  On Pandit's next to last day on the job, he hosted an analyst conference call at which time he reported that he had restored the bank to profitability, as demonstrated by its 3rd quarter profits.  Alas, that wasn't enough to protect their positions, as Michael Corbat moved into the corner office just as Vikram Pandit was leaving. 

In exchange for receiving these awards, both men will, however, be required to forfeit the remainder of his retention package, as outlined last year.  All told, the former CEO will lose some $25 million, according to a person with knowledge of the matter who could not speak publicly.

[C-I Note:  Is now the time for Mr. Pandit to regret having taken a token $1 annual salary, which didn't help his perception among shareholders?  What will he do next?  What will Citi do next?]

For further details, go to [Dealbook, 11/9/12].