CitiGroup Employees Seeking 50% Pay Hike

[Facetious]

Citigroup posted a record net loss of $28 billion in 2008, and U.S. taxpayers have put $45 billion into the company. So do you think its employees are entitled to a raise? Citigroup does! The company plans to raise base salaries by as much as 50 percent -- to "help compensate for a reduction in annual bonuses", it says.

Citigroup Plans to Raise Salaries by as Much as 50%

By Josh Fineman

June 24 (Bloomberg) -- Citigroup Inc., the U.S. bank that got $45 billion of government funds, will raise base salaries by as much as 50 percent to help compensate for a reduction in annual bonuses, a person familiar with the plan said.

The biggest increases will go to investment bankers and traders, said the person, who declined to be identified. Workers in consumer banking, credit cards, legal and risk management will see smaller salary adjustments. The New York-based company also plans to award stock options to try to keep employees after Citigroup’s market value plummeted 84 percent in the past year.

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Our tax dollars at work :flame:

 

[Hot Mega]

They are being given a pay increase at the expense of their bonus payouts....which can be substantially higher.

 

[titsrock]

Capitalism at its finest. The American Corporation at its most obnoxious? The Banker descending the professional respect ladder below ambulance chasing lawyers and used car salesmen....

These pay increases will, of course, come from all the checking/savings/investment FEES they've either enacted or will be enacting Facetious...not the gov't.

If I were a Citi customer...I'd be bailing out of them right now. I don't want my checking acct fee to triple to afford these salaries...

 

[hedonis]

They are also considering the pay raise to halt the mass exodus from the company by employees.

 

[busenbust]

Fuck you Citi This is the so-called Pusific.....of America....Wall Street (The Movie) has come alive :eek: Oh yes! Greed is so fucking Good!!!! Take to the streets?? Buddy, I give you a dime :my2cents:

 

[Hot Mega]

In terms of saving our financial backbone...the bailouts largely worked. Remember, these are loans of which Goldman Sachs, Morgan Stanley and I believe JP Morgan along with quite a few others have already repaid in less than a year.

 

[busenbust]

Oh yes, you scratch our back....we screw you in the proverbial...

 

[calpoon]

Sure, why not? If that's how they want to spend the money and they think that is a good business strategy, then I don't see any problem with it. The reason that they needed a bailout wasn't because they paid their employees too much, it was because they made bad investments.

But those employees should know that they are on shaky financial ground and if the company doesn't start picking up then those raises will more than likely result in job cuts.