Vikram Pandit, who Financial News last week reported as the best value bank chief executive in 2010 in large part due to his $1 pay packet, could receive over $16m over the coming years if Citigroup meets certain long-term performance targets.

In a filing with the Securities and Exchange Commission, yesterday, Citigroup revealed that Pandit had received deferred stock valued at $10m, which will vest over three years starting in December 2013 providing he meets goals related to regulatory considerations, organisational culture and talent development including the quality of succession and development plans across a broad group of senior managers.