The US government has seized control of Citigroup's staff Christmas party budget and set tight restrictions on the use of its corporate jet in exchange for its $45bn (£28bn) bail-out.
The measures are among a raft of restrictions on expenses detailed in the small print of filing made by Citi on New Year's Eve with the US financial regulator, the Securities and Exchange Commission.
In a memo to staff, Pandit said he and the chairman, Sir Win Bischoff, would forgo year-end bonuses for 2008 after the huge banking group lost three-quarters of its market value and was forced to go cap in hand to the treasury.
Over the last year, US corporate leaders have often explained layoffs by saying the positions were...
