Word: citigroups
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...Virginia Tech mass shooting. In his latest high-profile role, as the Obama-appointed executive-pay czar, Feinberg announced Oct. 21 that the Treasury Department will slash compensation for the 25 highest-paid executives at the seven firms that received the largest chunks of federal bailout money: Citigroup, Bank of America, AIG, General Motors, Chrysler and the financing arms of the two automakers. Salaries are expected to shrink 50% on average, with the majority falling below $500,000, though firms that have already repaid their bailout debts, like JPMorgan Chase and Morgan Stanley, are not affected by the change...
...early October, Citigroup sold its commodities-trading division Phibro to energy company Occidental Petroleum. Citi was motivated to dispose of the unit because of pressure from regulators to curtail the pay of Phibro's top trader Andrew Hall, who made $100 million last year, and reportedly has a contract that would award him roughly the same amount in 2009. Oxy declined to comment on Hall's compensation. But the energy giant says Hall will remain with the unit at Oxy. Hall had threatened to leave Citi if his pay was cut, which means Oxy is probably honoring his contract. Says...
While the amount Hall would have gotten paid is unusual even for Wall Street, how he got paid is not. Hall had a pay package with Citigroup that guaranteed him a percentage of the profits of his group. Recruiter George Stein of Commodity Talent says it's normal for traders to get paid as a percentage of their division's profits. Most contracts guaranteed traders around 9% to 11% of their group's profits, before compensation. What's unusual about Hall is that he reportedly receives as much as 20% of his unit's profits, which sets...
...next month or so, financial firms will decide what they will pay their employees in year-end pay. Bonuses at Goldman Sachs, for instance, are on track to average over $650,000 per employee. Many people will get paid much more. Johnson says if Hall had stayed at Citigroup he might have been the only person at a top bank to receive a $100 million payday this year. But plenty of other folks will come close. He estimates that about 100 investment bankers and traders will receive a bonus of $10 million or more...
...gain of nearly $400 million a year for the past half-decade. But earlier this year, it was revealed that the head of that unit, Andrew Hall, had been paid $100 million for his work in 2008 and was set to get a similarly large check for 2009. Citigroup is subject to government-imposed pay caps as a term of the financial aid it received. The government was reviewing Hall's pay package and was reportedly moving closer to forcing Citi to either reduce or restructure Hall's pay. Rather than risk losing the trader - and the profits...