Klein, seen as a dark horse for the chief executive spot at Citi, has a big job: he is helping to reorganize commercial and investment banking at Citi, as the company tries to cut costs and improve efficiency to help offset the effects of writedowns.
NEW YORK (Reuters) - Citigroup Inc. <C.N> awarded Michael Klein, co-head of markets and banking, $19.3 million in deferred cash and stock awards to give him an incentive to stay with the firm.
Klein, seen as a dark horse for the chief executive spot at Citi, has a big job: he is helping to reorganize commercial and investment banking at Citi, as the company tries to cut costs and improve efficiency to help offset the effects of writedowns.
Citi posted a $9.83 billion fourth-quarter loss after taking an $18.1 billion write-down, and analysts expect it to post a loss for the first quarter as well.
Klein has headed banking at Citi globally since 2004, and has been at Citi or its predecessors for several decades.
!ADVERTISEMENT!Klein's incentive pay was awarded at the beginning of 2008.
He received a total of $17.4 million in 2007, including $11.6 million of stock and other equity-related awards, a salary of $212,500, a bonus of $5.5 million, and $5,750 of other compensation for ground transportation.
Vikram Pandit, who became CEO in December, earned $3.2 million, including $2.9 million in equity incentive plan awards and a $250,000 salary.
Former chairman and chief executive Charles Prince received $25.5 million, including a salary of $1 million, a bonus of $10.4 million, $179,276 of other compensation, and stock and equity related awards of $13.9 million.
Some awards received in 2007 were for performance in 2006.
(Reporting by Dan Wilchins, editing by Leslie Gevirtz)
