Charles Prince paid the price for shareholder concerns

Citigroup confirmed Charles Prince would receive $29.5m in share awards, share options and pension entitlements.

He is entitled to an incentive bonus based on share performance, currently worth about $12m, and he also owns $53m worth of Citigroup shares himself.

Mr Prince is one of several high-level casualties of the global credit crunch.

Controversial compensation

Stan O'Neal parted company with Merrill Lynch last month after it disclosed huge financial liabilities stemming from deteriorating US mortgage-backed investments.

Mr O'Neal is expected to receive up to $161.5m in share and retirement benefits.

Such levels of remuneration for departing bosses are highly controversial with shareholder activists and some politicians regarding them as unacceptable "rewards for failure".

Bank bosses have been heavily criticised for getting drawn into high-risk investment strategies which have left some of Wall Street's biggest names with billions of virtually worthless assets on their balance sheets.

In a stock market filing on Thursday, Citigroup said Mr Prince - who was paid $25m last year - would continue to receive a salary until the end of the year.

In addition, he will be entitled to the use of an office and a driver for the next five years or until he finds alternative employment.

But Mr Prince's financial package could be diluted by Citigroup's falling share price, which has been hammered along with those of other leading banks in the past week.

Its shares have fallen in each of the past eight days, wiping $48bn off its market value.

"It looks like he lost $14m in the last week," said David Schmidt, a consultant with executive compensation firm James F Reda.