Citigroup CEO Vikram Pandit will get a salary of $1 this year and will get no stock awards as the troubled banking giant shrinks under part-government ownership.
Two other top executives of the bank, however, have got raises. The company has approved raises for the CFO and the co-head of global markets.
As taxpayers now partly own Citi, the government is trying to avoid rewarding failure by limiting executive pay at financial institutions that had to be majorly bailed out.