The top 25 executives at Citigroup Inc., except Chief Executive Vikram Pandit, are getting multimillion dollar salary raises in stock and potentially much more in bonuses.
Citi released the amounts of the raises in a public filing for its top officers Friday.
John Havens, head of the bank’s institutional clients group, will get a salary of cash and stock $9.5 million, with likely bonus of $4.75 million.
Manuel Medina-Mora, head of consumer banking for the Americas gets $8 million, and a bonus of $4 million.
Chief Financial Officer John Gerspach will receive $4.17 million, and a bonus of $2 million.
The government still owns a 17 percent stake in Citigroup.
Pandit declined a raise and his salary remains $1 per year.
Wow !! How nice that they get such big bonuses on the backs of all the thousands of former employees whose jobs they outsourced overseas !!! I bet they sure are glad they did that so they could personally earn more money. Why worry about the former employees that are now unemployed. Citigroup, J C Morgan Chase & Bank of America were in the top 25 list of companies that outsourced jobs overseas, to save money I assume, but rewarded CEOs with bonuses. IT really is a shame that companies take the easy way out to save money by getting rid of employees and outsourcing rather than truly take a hard look at other ways to save.