Citigroup Inc. said Chief Executive Officer Vikram Pandit deserved a bonus last year for the money-losing company's success in raising capital, selling assets and repaying $20 billion of taxpayer bailout money, a Citigroup pay panel said.

Pandit declined the award because of his pledge in February 2009 to take $1 a year until the bank turned profitable, the Citi board's compensation committee said in a Feb. 22 report. Citi did not say how large the award would have been.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.