BUSINESS BRIEFING / COMPENSATION
From Times Wire Reports
Citigroup Inc. Chief Executive Vikram S. Pandit and Chairman Win Bischoff will forgo their bonuses for 2008, a year in which the firm lost three-quarters of its market value, Pandit said in a memo to employees.
Former Treasury Secretary Robert E. Rubin, an advisor to the bank, also will not get a bonus. Members of the New York-based bank’s senior leadership committee will receive lower bonuses than a year earlier. Payments for the executive committee’s members will “be cut even more,” Pandit said.
Pandit is cutting 52,000 jobs worldwide after four straight unprofitable quarters tied to bad loans and failed investments.
