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WallStreetOasis.com » Forums » I-Banking Bullpen

Citigroup Raising Salaries Up To 50% Forum's RSS Feed

Edmundo Braverman's picture
by Edmundo Braverman User's RSS Feed Certified User (Senior Neanderthal, 4292 Banana Points Points) on 6/24/09 at 3:10am
citigroup630.jpg

In a signal that they won't be repaying TARP funds any time soon, Citigroup is raising salaries (primarily in investment banking and trading) by up to 50% in an effort to retain talent:

http://www.bloomberg.com/apps/news?pid=20601087&sid=akHCO4dj2KJc

Quote:

“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.”

Other banks have made similar moves recently. Are the days of slave wages offset by massive bonuses over for good?

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Devils Advocate's picture

I'll be delighted when the

by Devils Advocate User's RSS Feed (Senior Gorilla, 782 Banana Points Points) on 6/24/09 at 3:43am

I'll be delighted when the analyst salary is raised until then...

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FnLxpress's picture

Not sure if we are gonna be

by FnLxpress User's RSS Feed (Senior Monkey, 66 Banana Points Points) on 6/24/09 at 5:09am

Not sure if we are gonna be affected by it since our bonuses aren't gonna be huge...but it will be interesting to see just how much/if any analysts are affected by this

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Bowser's picture

Good to hear

by Bowser User's RSS Feed (Senior Monkey, 93 Banana Points Points) on 6/24/09 at 8:27am

I'm sure there will be some hufffing and puffing by the populist mouthpieces, but if the US gov't wants to get paid back then Citi needs to keep their talent so they can continue to bring in revenue.

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BankonBanking's picture

Well

by BankonBanking User's RSS Feed (King Kong, 1108 Banana Points Points) on 6/24/09 at 9:51am

Well it all sounds well and good, but Citi forgot to mention that they are paying in food stamps and welfare - that Vikram, he's a crafty one.

And to Devils Advocate - Seconded!

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big unit's picture

Yo, no one complains about

by big unit User's RSS Feed (Gorilla, 589 Banana Points Points) on 6/24/09 at 10:20am

Yo, no one complains about shit like this anymore.

The main stream media is trying to force this down our throats as examples of corporate greed, but these days the audience is divided as such:

- normal, hardworking people who went to college who understand that on Wall Street bonuses are the same as commissions, which is common in every profession

- and also populist people who live in the middle of large fields - they were confused by this whole situation and stopped complaining a little while ago.

  • 0
JackSheng's picture

good days are over

by JackSheng User's RSS Feed (Baboon, 126 Banana Points Points) on 6/24/09 at 3:35pm

for worse-performing banks, but that is the rule of evolution, isnt it?

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pjtae's picture

talent

by pjtae User's RSS Feed (Chimp, 1 Banana Points Points) on 6/26/09 at 3:30am

citi is taking the right approach
the US should choose the smartest, rather than the most powerful
when selecting the "most qualified" person.
no wonder it's suffering so much.

  • 0
youngmoney's picture

I heard that Citi will be

by youngmoney User's RSS Feed (Senior Orangutan, 385 Banana Points Points) on 6/29/09 at 7:55am

I heard that Citi will be giving out $50,000 in bonus to top tier first year analysts. If the base pay increases as well, that's one hefty pay for a "struggling" bank.

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