Citi boosts base salaries for some senior employees

Source: Reuters

18 Nov 2009, 0334 hrs IST, REUTERS

NEW YORK: Citigroup Inc said on Tuesday it boosted the base salaries for its chief financial officer and a global markets co-head, but has left Chief Executive Vikram Pandit's salary unchanged.

The compensation changes are the latest in a series of shifts by Wall Street as banks try to figure out how to best to get senior staff to perform well.

CFO John Gerspach will receive a base salary of $500,000, up from $400,000, while James Forese will receive $475,000, compared with $225,000.

Gerspach is also receiving $2.92 million of stock, while Forese will get $5.4 million.

The office of Kenneth Feinberg, the Obama administration's special master for Troubled Asset Relief Program executive compensation, approved the moves, Citigroup said in a filing.

Pandit will receive a base salary of $1 a year. The bank did not request a higher compensation package for Pandit, a person familiar with the matter said.

A Stephen Volk, vice chairman, will receive a base salary of $500,000 and $3.4 million of stock.

Read more: http://economictimes.indiatimes.com/news/international-business/Citi-boosts-base-salaries-for-some-senior-employees/articleshow/5241538.cms

Perform ethically and earn profits legitimately, you keep your job. Problem with this "good ole boys club" we now have, there's no merit incentive. It's only a question if you make a ton more or a shitload more money than last year. Meanwhile, the lower ranks face loss of jobs.

I was just about to post that until I read your comment.

= 20, $50,000/yr jobs.... But their greed calculator doesn't do that kind of math.

These people are world class assholes. That's who they put in positions like that.

What pernicious lies.

even though I'm not near my limit and I've never missed a payment. I'll be through with them in a year and I can't wait!

Remember when Obama promised to return to the issue of bailout funded bonuses after the "crisis" had been tended to? :rofl:

Damn, all this change is killing me.

That's what the Goldman Sachs guys keep saying, so Citi and its benefactors might as well take a page from the best. Whatever it takes to soothe their sorry souls.

Why don't these guys just say it, too? Inequality is good for us. "Jesus said so."


more:
http://dealbreaker.com/2009/11/barclays-chief-jesus-loves-bon.php


The CEO of Britian's second-largest bank became the second of that nation's banking figures to make the case for profits in the house of god, defending revenue as "not satanic."

According to Bloomberg, Barclays CEO John Varley spoke at London's Anglican St. Martin-in-the-Fields Church Tuesday night and defended profits and compensation to employees at financial firms. Varley went on to assert that Christianity is compatible with banking and bonuses.

Workers in the City, as London's financial district is known, will receive almost £6 billion ($9.9 billion) in bonuses this year, according to The Independent. The figure is up almost 50 percent from 2008.

In October, Brian Griffiths, an International advicer to Goldman Sachs told a panel at St. Paul's Cathedral in London that inequality helps us all, saying, "We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all." Griffiths also used religion to justify his stance, saying, "The injunction of Jesus to love others as ourselves is an endorsement of self-interest."

more: http://www.huffingtonpost.com/2009/11/04/john-varley-defends-bonus_n_345385.html


Those CEOs all singing from the same hymnal.

I've had the same card with them since 2004, never made a single late payment, and they've raised my credit limit over the years without my asking them to the point where I could buy a new car with it. Now they say they have to raise my rate in order to "continue offering consumers access to credit."