CitiGroup Employees Seeking 50% Pay Hike

[Facetious]

Citigroup posted a record net loss of $28 billion in 2008, and U.S. taxpayers have put $45 billion into the company. So do you think its employees are entitled to a raise? Citigroup does! The company plans to raise base salaries by as much as 50 percent -- to "help compensate for a reduction in annual bonuses", it says.

Citigroup Plans to Raise Salaries by as Much as 50%

By Josh Fineman

June 24 (Bloomberg) -- Citigroup Inc., the U.S. bank that got $45 billion of government funds, will raise base salaries by as much as 50 percent to help compensate for a reduction in annual bonuses, a person familiar with the plan said.

The biggest increases will go to investment bankers and traders, said the person, who declined to be identified. Workers in consumer banking, credit cards, legal and risk management will see smaller salary adjustments. The New York-based company also plans to award stock options to try to keep employees after Citigroup’s market value plummeted 84 percent in the past year.

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Our tax dollars at work :flame: