Citigroup raises salaries of 2 top executives; CEO Pandit to continue to receive $1

Citi raises salaries for CFO, global markets head

NEW YORK — Citigroup says its chief financial officer and co-head of global markets are getting raises, while CEO Vikram Pandit will continue to collect a salary of $1 per year.

Citi, based in New York, faces restrictions on executive compensation because it has received $45 billion in government bailout money after the peak of the credit crisis last fall. Salary caps for top executives were recently set for Citi and six other companies that received big bailouts.

The company says CFO John Gerspach’s salary was increased to $500,000 from $400,000. James Forese, co-head of global markets, will now make $475,000, more than double the $225,000 he previously earned.

The new salaries fall within the guidelines issued by the Obama administration’s pay czar, Kenneth Feinberg.