Reuters: Citi Guarantees Bonuses for London Hires

Reuters: Citi Guarantees Bonuses for London Hires

March 14 2009

Citigroup, a U.S. bank that has received $45 billion (32 billion pounds) from taxpayers since October, is paying multimillion-dollar guaranteed bonuses to salesmen and traders it has hired in London, people familiar with the matter said.

“Paying guaranteed bonuses in this environment is more of a minority practice… it will attract some scrutiny,” said Joe¬†Sorrentino, managing director at compensation consultant Steven Hall & Partners.¬† “But from the company’s perspective, to be able to pay back the government, they have to have viable businesses and for that they need qualified people,” he added.

Share
Tweet
Share
+1