Mr Corbat, who was named chief executive on Tuesday after Mr Pandit's shock exit , will be paid a basic salary of$1.5m (£920,000), Citi said.
That compares with the$1.67m in base salary that Mr Pandit received last year. Citi has yet to disclose the potential size of a possible bonus for Mr Corbat, who received total compensation of $9m in 2010.
Mr Pandit's total compensation last year was$15m, a sum which alongside a multi-million dollar retention bonus, provoked a revolt from the bank's shareholders in April .
Citi had already paid Mr Pandit $7m of the $15m in cash, with the rest due to be paid in shares. Mr Pandit is expected to receive the remaining sum as long as he does not work for a major competitor over the next three years
