Citigroup's chief executive and chairman agreed to take no bonuses for 2008, the latest sign that regulators are keeping the New York company on a tighter leash following its massive government bailout.

As Citigroup and the Treasury department formalised details of the rescue plan, Citigroup announced Wednesday that Vikram Pandit, the bank's chief executive, chairman Win Bischoff and Robert Rubin, a director and senior counsellor, would forego annual bonuses. Bonuses for other top executives will be "reduced substantially," Mr Pandit said in an employee memo.