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"We continue to work hard to instill a culture of responsible finance".
In the past couple of years, he went on, Citi had rededicated itself to "responsible finance".
Vikram Pandit of Citigroup has committed his bank to "responsible finance", whatever that may be.
The figures have been published to mark Good Money Week, which aims to raise awareness of sustainable and responsible finance.
during the financial crisis, Citi has executed a strategy based on returning to the basics of banking and building a culture of responsible finance.
Mr. Pandit was to receive $10 million simply for ensuring risk management was sound, promoting a culture of responsible finance and developing a good team.
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International financial institutions are increasingly making commitments to responsible financing, which is laudable.
Further, it has a built-in self-correcting mechanism: If costs continued to rise much faster than inflation, more policies would be subject to the tax, making it a more responsible financing mechanism down the road.
NEXT: Did you learn the lesson yet about Chicago Public Schools and responsible financing?
If all are approved, would the state's interest payments on its entire bonded indebtedness still be within the limits for responsible financing?
While each city had their own reasons, common issues were certainly lack of public confidence in responsible financing; concern for post-Games "white elephants" (venues that do not benefit the host city and country in the long term); and lack of transparency in major decision-making processes.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com