Stung by criticism about use of billions of dollars in government aid, Citigroup's Indian American CEO, Vikram Pandit has vowed to take a token salary of $1 and no bonus until the ailing banking giant returns to profitability

'We will hold ourselves accountable for what we do, and that starts with me,' said Pandit, who collected a salary of $1 million last year. Citigroup has lost more than $20 billion in the last five quarters.

Appearing before the US House Financial Services Committee Pandit, 52, said taxpayers were right to expect a return for their investment, adding that the bank will pay $3.4 billion in annual dividends on the debt.

The banks have come under fire from lawmakers who criticized bonus payments and corporate expenses such as new executive jets at a time when people across the country are struggling to stay in their homes or losing their jobs. President Barack Obama last month called the bonuses 'shameful' and the 'height of irresponsibility.'

Citigroup, which has accepted $45 billion in government bailout money, last month reversed a decision to buy a $50 million corporate jet under pressure from the government. Last week the bank cancelled a convention in Atlanta for its Primerica Financial Services Inc. unit.

Many of the CEOs at Wednesday's hearing defended their actions, noting that while credit standards have tightened, they were continuing to issue loans. Several of the CEOs added that without government assistance, credit would be even harder to obtain.