NEW YORK (Bloomberg) — Former Citigroup Inc. chief executive officer Sanford (Sandy) Weill gave up his right to use the bank's corporate aircraft immediately.

Weill's move comes after the New York Post reported that Weill and his family took a vacation in late December to Mexico using Citigroup's corporate jet. The Post estimated use of the plane may have cost as much as $80,000.

The former CEO said in August 2008 that he wanted to end a 10-year consulting contract with the bank in April after just three years. The agreement gave him millions of dollars in perks, including an office, car and driver and use of company aircraft.

Citigroup last week reversed itself on a decision to buy a $50 million corporate jet after an unidentified Treasury department official called the bank to express concern over the purchase. The New York-based Citigroup's dwindling capital cushion and sinking stock price have forced it to take $45 billion of US government rescue funds. "Mr. Weill cares deeply about the future of Citi and recognises the extraordinary commitment by the American taxpayer," according to an e-mailed statement from Weill's office. "In light of the unprecedented circumstances that Citi finds itself in, Mr. Weill has voluntarily decided that, effective immediately, he will waive his contract providing for the use of any corporate aircraft."