Citigroup Brags About Awesome Pay Packages


This year, most financial institutions — even those that had blockbuster years — cut back on their huge pay packages in deference to the Tenor of the Times. Not Citigroup! Everyone’s favorite monster of a Too Big To Fail financial institution, which lost $1.6 billion and its most profitable units last year, is wearing big-kid panties and wants everyone to know about it. “The bank was able to pay employees competitively in 2009 and is subject to the same compensation oversight in 2010 as its major competitors,” Citi’s CFO, John Gerspach, said at a conference today. “We’re not fighting with any hands behind our back.” [Dealbook/NYT]