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Citi Pays Just As Well As Any Other Bank On The Street, Claims CFO

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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

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Citi Shareholders Continue To Stick It To Vikram Pandit From Afar

Apparently everyone gets paid at Citi but Vikram.

Vikram Pandit Is Committed To Getting Paid

If you didn't know Chief Executive Officer Vikram Pandit, you might think he enjoyed not being compensated for the work he does at Citigroup because for quite some time, he wasn't. And although the "I will only get paid $1/year until Citi turns a profit" exercise was fun for a while, he was pretty happy when the old jalopy started making money again, in part because it meant he could receive a paycheck. Then last April, his shareholders rejected the bank's executive pay plan, claiming the Big C "lets Chief Executive Officer Vikram Pandit collect millions of dollars in rewards too easily." And while it's possible that Citi shareholders are just a bunch of pricks who chose to overlook the fact that Uncle Vikula didn't collect squat for several years and once had an entire article written about the fact that lieutenants attributed a "new bounce in his step" to him daydreaming "the day when he is going to earn more than a $1 a year,” maybe they just assume that he doesn't care about getting paid either way? Anyway, here's Vickles, reminding anyone who forgot about the sacrifices he made and setting the record straight: “The board has this process with them, they’re going through it, and they are committed, as I am, to making sure that they resolve this,” Pandit said. “I want to get paid what the board thinks is right for me, for the job that I’ve done and for the incentives that they think I ought to have.” Pandit told lawmakers in 2009 that he would take a $1 annual salary until he restored the bank to profitability. Citigroup made a $21.7 billion profit for 2011 and 2010 combined, compared with a $29.3 billion loss for the two preceding years. “When the company was losing money, I stepped up and said I’ll take a dollar a year and I did, exactly for that reason, exactly the right thing to do,” Pandit said. For those having trouble separating the nice guy/don't want to offend anyone statement from what he's actually trying to say, a rough translation of the above would be: get me paid, bitch! Citigroup Will Resolve CEO Pay By End Of Year, Pandit Says [Bloomberg]