Wednesday, January 23, 2008
They lose $5.3million per HOUR and pay the same bonuses as last year?
Citigroup will hand out more than $11bn (£5.6bn) in pay and bonuses to its investment bankers today, roughly the same as last year, despite a collapse in fortunes at America's largest bank. About 100,000 staff around the world will share in the bonus pool, which makes up the bulk of the markets and banking division's $11.6bn of compensation and benefits. It comes as the industry braces itself for more job cuts, with rumours that Citi itself is planning to announce 10,000 redundancies in March - on top of the 21,400 axed in the past 12 months. Citi insiders said the "overall bonus pool will be pretty flat but there will be a greater divergence … the stars will be kept and a strong message will be sent to those who haven't pulled their weight".