Vikram Pandit, who took over as chief executive of Citigroup last month and described the bank’s fourth-quarter results as “clearly unacceptable” has been awarded $30m (€20m) in restricted stock after foregoing a cash bonus.

Pandit has received 1.1 million restricted stock units and options for 3 million shares according to a filing with the US Securities and Exchange Commission. The restricted stock units are worth $30m at the bank’s current share price of $27.40.