Pandit jumps from Citi with meagre parachute

Vikram Pandit may leave Citigroup without a rich exit package, compensation experts say, although final terms of his departure likely will not be known for several days.

Pandit, who stepped down as chief executive of the bank on Tuesday after months of tensions with the board, is not eligible for a “golden parachute” - a pre-negotiated severance payout - according to Citigroup’s most recent annual proxy filing.

via Business feed http://www.scmp.com/business/banking-finance/article/1062984/pandit-jumps-citi-meagre-parachute