• 09 Mar 2009 at 9:26 AM
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Citi One Step Ahead Of Critics?

Picture 853.pngThe bank had some trubs figuring out the whole private jet/taxpayer outrage thing but it looks like someone over there is (kind of, sort of) getting the hang of it! In light of “economic concerns” Citi canceled an annual job well done weekend getaway for its 2,000 top brokers, which seems sort of huge. Of course, not everyone is pleased and some people are downright outraged(!), regarding the matter of the Big C apparently distributing $3.5 million in Sorry We Axed Your Trip gift cards to advisers in 1, 2 and 3,000 dollar increments in lieu of the vacay. “These people are outrageous,” said compensation consultant Jim Reda told the Post. “It’s an unnecessary expense that really doesn’t do much besides cost money.” The long version of Smith Barney spokesman Alex Samuelson’s response (short version: get off my ass):

“In one of the most aggressive recruiting environments in the history of our industry, we have prudently balanced the recognition and development needs of our highest achieving financial advisers with the need to significantly reduce business expenses during this difficult time

As an aside to the Post, re the accompanying graphic– you’re better than this. At the bare minimum, it should’ve depicted Vikram shoving those cards in that broker’s g-string.

Comments (6)

  1. Posted by guest | March 9, 2009 at 9:41 AM

    Citi brokers are the least paid among all the banks.
    The $3,000 is nothing compared to what GS brokers get.

  2. Posted by guest | March 9, 2009 at 9:48 AM

    But it’s OK for the taxpayer-funded Biden and the UAW to meet at the Fontainebleau in Miami?
    Well, alrighty then.

  3. Posted by Anal_yst | March 9, 2009 at 9:58 AM

    @ 2
    Hey, they jet-pooled there, ok? Jeeze, come on now!

  4. Posted by guest | March 9, 2009 at 10:07 AM

    Bunch of accountants pouring over expense receipts is what the economy needs.
    I’m scared.

  5. Posted by guest | March 9, 2009 at 10:56 AM

    @2 of course its ok. Biden did it, he takes the train to DC every morning. Shit man, dont you read? He is one of the normal, everyday guys. Please call him Joe, he likes that.
    What I find funny is that everyone at the hotel that day paid for their room the UAW and Biden…you have to love the democrats. I guess their shit really doesn’t stink.

  6. Posted by guest | March 9, 2009 at 11:29 AM

    Did they get the tax gross up?

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