Last week, Goldman Sachs management told an analyst that despite a lower than normal compensation ratio of 36% for 2009, they weren't sweating people leaving the mothership because relative to everyone other bank on the Street, they're still making it rain ka-ching! on people's faces. Slightly arrogant, sure, but not necessarily untrue. Can this same bold claim be made by certain other banks like, say Citi? One guy says yes.
Citigroup is at no disadvantage when it comes to paying employees, the bank's chief financial officer said on Thursday. The bank was able to pay employees competitively in 2009 and is subject to the same compensation oversight in 2010 as its major competitors, John Gerspach said at a conference hosted by Credit Suisse.
"We're not fighting with any hands behind our back," Gerspach said.
Earlier: Bonus Watch '10: Citi