Citigroup will pay Michael Klein more than $42m in cash and stock after the high-profile banker decided to leave the financial services group and pledged not to work for a rival until October of next year.

Mr Klein’s package, which Citi detailed on Friday, is one of the largest sums paid to a departing banker who was not a chief executive since the beginning of the credit crunch. It is more than that received by his former boss, Chuck Prince.