Last June, Citi was supposed to pay five former senior executives millions in severance payouts, but what the bank decided to do, instead, was not make those payment. The ex-employees were owed about $100 million (half of which had been paid out) but not wanting to be compared to AIG which, at the time, was in the midst of receiving death threats over bonuses, Citi chose to inform the group that it shouldn’t count on the remainder of the cash. The Big C was apparently counting on everyone just forgetting about the whole thing but surprise! At least one of the stiffed guys, Kevin Kessinger, would still in fact like his money. Here’s what he’s doing about it:
People familiar with the matter said Mr Kessinger had decided to take Citi to arbitration, a form of out-of-court dispute resolution. It is understood that his severance package had been frozen for more than six months. Citi declined to comment. Mr Kessinger, who is now chief information officer at Canada’s TD Bank, did not respond to requests for comment.
Legal experts had said Citi was vulnerable to legal action from the former executives because severance packages are binding agreements between the two sides. However, officials at Citi – which has been repeatedly bailed out by the US government – had replied that former executives understood the reason behind the move and in discussions had said that they were unlikely to take legal action. People familiar with the bank had suggested Citi would resume payments once the political furore over compensation had died down.
More cITibank drama…vickles should join a drama club.
i made a dollar last year fuck off, kevin.
-vp
I've got a dollar seventy-five if that'll help those greedy bastards.
But Kessinger didn't go to MIT and there's no report that he ever lost money.
Fat Alberta wants her money too yo. Ya hear?
Black sheep, black, do you go some wool?
Yes I do, man my bag is full
It's the root of evil and you know the rest,
But it's way ahead of what's second best
Bowel shaking earthquakes of debt and remorse!
Really Citi legal defense?: But they promised that they might not sue us over this.
Kessinger never did shit while at Citi. The only thing he ever did was hire McKinsey & Co. to help figure out where to cut costs.
Honestly I think Bob Rubin may have contributed more to the place.
@2 FTW!
@2 A buck more than you get this year, Bigtime CEO!!!!
"I want my two dollars!"
-Kevin "better off dead" Kessinger
"People familiar with the matter said Mr Kessinger had decided to take Citi to arbitration, a form of out-of-court dispute resolution."
I'm so glad the author explained what arbitration is. I was completely lost until then.
@14 that's because it's from a British paper, and the correct English term would be "a nice cup of tea and a bumfuck"
@10 you are spot on. Kessinger did dick while at Citi. Basically was the "Information Security" guy, whatever the fuck that is. He was getting comped at ridiculous levels when some back office geek could have did his gig for $80k a year, without the excessive layering/staffing. Kevin go STFU, you should be grateful that the Canadian bank was stoopid enough to hire your lame ass…