Citigroup Chief Executive Vikram Pandit received nearly $11 million of compensation in 2008.
A month earlier, he testified to Congress that his compensation for 2008 was just $1 million.
"My compensation for the year 2008 was my salary, which was $1 million," he told the House Committee on Financial Services on February 11, failing to mention his sign-on and retention awards, as well as stock and option awards.
At the same hearing, Pandit pledged to accept a salary of just $1 a year and no bonus until Citibank once again posted a profit.
The $10.82 million in total compensation for 2008 consisted of $7.73 million in sign-on and retention awards, a $958,333 salary, $9.84 million of stock and option awards and $16,193 of other compensation.
According to Crain's New York Business, Pandit originally was paid $40 million, not $11 million, but lost a significant bulk of the money when the stock tumbled, recently dipping to below $1 a share.
The vast majority of Mr. Pandit's compensation last year came in the form of stock granted in January 2008 as a "sign-on award" a month after he became CEO. The value of the shares at the grant date was $37 million, reflecting Citi's stock price at the time, $24.40 a share. Since then, Citi's share price has collapsed into penny-stock territory, and the shares given Mr. Pandit were worth only $1.8 million as of last Friday.
Mr. Pandit joined Citi after it acquired his hedge fund, Old Lane Partners, for $800 million in 2007. Mr. Pandit is said to have personally reaped $165 million from that sale.
More:Pandit Compensation Vikram Pandit Compensation Pandit Vikram S. Pandit Citigroup CEO Vikram Pandit
Get top stories and blog posts emailed to me each day. Newsletters may offer personalized content or advertisements. Learn more