Jump to content
House Price Crash Forum
Sign in to follow this  
Deckard

Citigroup Said To Raise Base Salaries By Up To 50%

Recommended Posts

http://www.bloomberg.com/apps/news?pid=206...id=akHCO4dj2KJc

June 24 (Bloomberg) -- Citigroup Inc., the bank that got $45 billion in U.S. rescue 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, the person said. Workers in consumer banking, credit cards, legal and risk management will see a smaller salary adjustment. The company also plans to award new stock options to try to retain employees after Citigroup shares dropped 84 percent in the past year.

Citigroup joins competitors Morgan Stanley and UBS AG in raising salaries for its executives and employees. Morgan Stanley last month said it will increase base pay for many of the firm’s top executives and double the pay of Chief Financial Officer Colm Kelleher.

“Citi continues to examine ways to ensure its employee compensation practices are competitive in this very challenging market environment,†Citigroup spokesman Stephen Cohen said yesterday, declining to comment further. “Any salary adjustments are not intended to increase total annual compensation, rather to adjust the balance between fixed and variable compensation.â€

Share this post


Link to post
Share on other sites
So, where's the outrage fellow HPCers? :blink:

Bailout fatigue? :lol:

I refer the honourable gentleman to my previous comment on the subject of banker remuneration (yesterday's outrage rather than today's but it will it will do)

:lol:

This nonsense no longer surprises or even particularly annoys me.

The mistake is to think these people have any sense of decency or proportion. They do not. I emphasise that because it is hard for normal people to imagine how this is possible. Its a good thing in a way, what makes you human is the bit of your mind that suspects they secretly might. But this isn't the last reel of Return of the Jedi and Darth Vader doesn't feel a damn thing, he'll just casually chop your head off with his lightsaber and get on with dominating the universe in peace.

Brett Easton Ellis wrote a very clever satirical novel on this theme. Just because its satire doesn't mean anyone is joking though.

They'll either be stopped eventually or they'll keep doing it (just like the 'psycho' in fact).

Probably just keep doing it, so don't let them mess up your blood pressure as well as everything else.

When a group of people sink so low the outrage begins to ebb away. Whats the point, its just how they are.

Being angry or disappointed are for people and situations where there is still some hope of redemption.

Edited by Cogs

Share this post


Link to post
Share on other sites
I refer the honourable gentleman to my previous comment on the subject of banker remuneration (yesterday's outrage rather than today's but it will it will do)

When a group of people sink so low the outrage begins to ebb away. Whats the point, its just how they are.

Being angry or disappointed are for people and situations where there is still some hope of redemption.

The timing of the whole expenses scandal is quite interesting here, almost as if it were timed (Dosen't make MPs behaviour any better, but it has taken the heat off of the bankers).

You'd think that with all of the layoffs there would be lots of competition for banker's jobs and so wages would fall.. it's almost like there's a closed club operating to skim off a chunk of all the world's financial transactions who are very keen to avoid competition and openness.. but they say they all believe in free markets, so that can't be true.

Share this post


Link to post
Share on other sites
The timing of the whole expenses scandal is quite interesting here, almost as if it were timed (Dosen't make MPs behaviour any better, but it has taken the heat off of the bankers).

You'd think that with all of the layoffs there would be lots of competition for banker's jobs and so wages would fall.. it's almost like there's a closed club operating to skim off a chunk of all the world's financial transactions who are very keen to avoid competition and openness.. but they say they all believe in free markets, so that can't be true.

"You'd think that with all of the layoffs there would be lots of competition for banker's jobs and so wages would fall"

Not for the best people.

Share this post


Link to post
Share on other sites
"You'd think that with all of the layoffs there would be lots of competition for banker's jobs and so wages would fall"

Not for the best people.

Can you show a correlation between senior pay levels and either the share price of a company or any other metric of value-added over the span of their tenure?

Nobody else can.

Exec_Ed_-_Feb_08_-_v2_chart_one_canada_article.JPG

Edited by Cogs

Share this post


Link to post
Share on other sites
Can you show a correlation between senior pay levels and either the share price of a company or any other metric of value-added over the span of their tenure?

Nobody else can.

No idea, but that's unrelated to my comment

Share this post


Link to post
Share on other sites
"You'd think that with all of the layoffs there would be lots of competition for banker's jobs and so wages would fall"

Not for the best people.

I've never seen it demonstrated that 'The Best People' actually exist.

You do realise that if you hire 1024 people to trade stocks, and each year fire the worst performing half, after 10 years you are going to have a superstar trader who beat the market 10 years running.. even if the method used by all is completely random?

Share this post


Link to post
Share on other sites
I've never seen it demonstrated that 'The Best People' actually exist.

You do realise that if you hire 1024 people to trade stocks, and each year fire the worst performing half, after 10 years you are going to have a superstar trader who beat the market 10 years running.. even if the method used by all is completely random?

This theory is completely new to me. Why, up until now, I had believed that predicting the markets was easy, and had the greatest respect for experts such as FP.

Share this post


Link to post
Share on other sites
This theory is completely new to me. Why, up until now, I had believed that predicting the markets was easy, and had the greatest respect for experts such as FP.

How do you differentiate between experts and people who are just lucky, then?

Share this post


Link to post
Share on other sites
I don't attempt to, and I have an argument with people that try to.

:lol: "Give me lucky generals" and all that

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   291 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.