(Bloomberg) -- Citigroup Inc.'s $4.7 billion pretax writedown of its Morgan Stanley Smith Barney stake probably won't reduce a profit-sharing plan's award for Chief Executive Officer Vikram Pandit that could total $24 million.

That's because the plan doesn't count losses at Citi Holdings, the division of unwanted assets that includes the Smith Barney brokerage, a regulatory filing shows. The exclusion may mean more pay for Pandit this year even as the board considers cuts in his 2011 compensation package, which shareholders rejected in April amid criticism that he collected millions of dollars in rewards too easily.

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