Citigroup cuts bonuses and severance for top execs..
As a condition of receiving $45 billion of U.S. taxpayer's money, Citigroup was required to change its executive compensation plan, which has been approved by Uncle Sam. One good feature is the "clawback" policy which will "be able to recoup executive compensation 'that over time proves to be based on inaccurate financial or other information,'" according to a memo by CEO Vikram Pandit. I'm sure the 50,000 Citigroup employees who have been, or are scheduled to be, laid off will sleep better tonight.
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