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Citigroup to raise CEO Pandit's pay above token $1

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Citigroup said Friday its board of directors would raise Chief Executive Vikram Pandit's salary above the token $1 he has earned for the past two years. Pandit said in February 2009 he would earn $1 annually until the bank returned to profitability. Citigroup has posted two consecutive profitable quarters so far in 2010, and is due to report third-quarter results in October.

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