This handout photo received 12 December 2007, courtesy of Citibank shows Sir Win Bischoff acting CEO at Citigroup. Citigroup said on December 31, 2008 its top two executives would would forego bonuses and others would get "substantially reduced" bonuses in light of the troubles facing the ailing banking giant. A memo to employees from chief executive Vikram Pandit said the actions were part of a major overhaul of executive compensation to confront the problems for the company and banking sector. Citigroup, which in October reported a quarterly loss of 2.8 billion USD, its fourth straight quarter in the red, said Pandit and chairman Win Bischoff would forego bonuses for 2008. AFP PHOTO/CITIGROUP/HO = RESTRICTED TO EDITORIAL USE = GETTY OUT = (Photo credit should read HO/AFP/Getty Images)