Citigroup's Vikram Pandit to receive $15m

Vikram Pandit Mr Pandit resigned a day after Citigroup reported a steep fall in profits

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Former Citigroup chief executive Vikram Pandit, who stood down last month, will get more than $15m (£9.4m) as part of a settlement with the banking giant.

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

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

At the time of the resignations there were reports of disagreements with investors over Citi's strategy.

Mr Pandit's payments include $6.65m for incentive pay for work in 2012 and deferred stock and cash incentive awards valued at $8.83m.

Mr Havens' payments include $6.79m for 2012 and $8.73m worth of deferred stock and cash incentive awards for work in 2011 and 2008.

"Vikram and John made significant contributions to Citi during their five years of service," Citigroup chairman Michael O'Neill said in statement included in the filing.

Mr Pandit resigned on 15 October, a day after Citi reported an 88% drop in quarterly profits to $468m.

In a conference call at the time, Citi chairman Michael O'Neill said Mr Pandit's departure was not due to any "strategic, regulatory or operating issue".

He added: "Vikram offered his resignation and the board accepted it."

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