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&s…
“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?
I'll be delighted when the analyst salary is raised until then...
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
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.
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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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.
for worse-performing banks, but that is the rule of evolution, isnt it?
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.
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