Comments on: Citigroup Employees to Receive 50% Pay Raise

By: Hello

Hello — Tue, 14 Jul 2009 14:47:27 +0000

Someone needs to realize that there is no pay increase at all. The Citi management is only trying to convert the fat bonuses of over-paid executives to their base salary. Don’t be fooled, I don’t think the low-level average-Joe employees are going to get anything from this. It is only a game played by the top executives to escape the TARP trap.

By: Citi9years

Citi9years — Fri, 03 Jul 2009 02:47:18 +0000

Apex, the pay raises are NOT 50% across the board. Depending on the individual it could be 3% and up to 50%. I work for citi and this is what I’m hearing. Don’t get me wrong I’d love for it to be 50% across the board, I have daughter that starts daycare in September and I’d love to have that extra nut in my check..

By: Citi9years

Citi9years — Fri, 03 Jul 2009 02:43:14 +0000

Citi13 and smith I also work for Citi, i’ve been there for 9 years. I don’t have a problem with people outside the company who are uninformed, I blame the media. The media reports people at citi are collecting these big bonuses however those bonuses are not being paid to regular folks like us. The sad thing about this is that the people who are condemning us are our neighbors and they are only doing it because the media is reporting half truths.

By: Citi13

Citi13 — Sun, 28 Jun 2009 14:41:30 +0000

I’ve been at Citi for 14 years, and let me tell you, I don’t make big bucks. Unless you call 30,000. a year big bucks!! I worked very hard last year to get the highest ranking possibe. I achieved that goal, only to get NO RAISE AND NO BONUS. Meanwhile the prices of Gas, groceries, clothing and everthing else has increased for me. So to those of you who think the little employees don’t deserve raises… give me a break!!

By: smith

smith — Thu, 25 Jun 2009 15:55:56 +0000

I work for Citi and have not had a raise in over 3 years and I still do not believe that we will get a raise get for real

By: Tom

Tom — Thu, 25 Jun 2009 03:23:40 +0000

Call it a raise or call it a bonus. It is all the same, a reward for ruining a company. If the federal government had not bailed them out with 45 billion dollars there would not be a company. All of the employees should have a payroll freeze until they have paid back the taxpayers money and can show a significant profit. It they don’t like that then let them walk. Good luck finding a job.

By: aa

aa — Wed, 24 Jun 2009 23:00:28 +0000

Will they cut base salary when the company loses money again? If the answer is no, people gotta organize a protest to the headquarters now!

By: Jim

Jim — Wed, 24 Jun 2009 22:34:57 +0000

Its a non event. They’re cutting bonuses and stock benefits and increasing salary. Net pay will not change.

By: Apex

Apex — Wed, 24 Jun 2009 18:10:21 +0000

Unless citigroup had drastically lowered salaries by an amount similar to an impending windfall across the board raise or had been paying way under market, its simply not possible that they could be handing out 50% across the boad pay increases. It would put them at a huge long term competitive disadvantage from a cost structure point of view. Beyond that, what possible business reason could they have for just handing out 50% pay increases to everyone. I guarantee you its not because they just want to be good to people. It’s a business decision.

So it appears this is a plan to change the compensation structure from being heavily weighted on the bonus system to being one of mostly stable base salaries. Which means drastic reductions in bonuses and huge increases in base salary that nets out to no change in total average compensation. I am sure there could be many reasons for such a change but the result is that compensation is basically unchanged.

Any suggestion of any sufficiently large company raising the overall compensation of its entire base workforce by any double digit number in a single year is likely incorrect and 50% is so huge as to be sure it could not be what is actually happening.

By: Moose

Moose — Wed, 24 Jun 2009 17:08:18 +0000

On the face of it, “trickle down” has been a dismal fialure for average working people. The stats on income disparity clearly indicate that income has been “percolating up” in a large way, a massive transfer of wealth to the wealthy over the last 30 years. “Trickle down” is what happens at the comode. This trend needs to be reversed for the health of the nation. If citibank is doing this to be fair to it’s rank-and-file employees, good for them. We do not need a growing economic aristocracy.

By: Hana

Hana — Wed, 24 Jun 2009 16:32:52 +0000

Can’t agree more with Michael Haren. These kind of irresponsibility spending other people’s (tax payers’) money makes me sick.

By: Kitty

Kitty — Wed, 24 Jun 2009 13:28:44 +0000

This is a non-event to me. I just hope that the employees who are still there are able to maximize Citi’s income so that there is a greater chance that the federal funds lent to it are paid back to the USA.

By: Michael Haren

Michael Haren — Wed, 24 Jun 2009 12:02:46 +0000

I’m not too thrilled about this. Has Citigroup repaid their bailout money? If so, then power to them.

It’s hard for me to get on board with this when so many regular businesses are struggling. We’re weathering the economy just fine at my company but we’re being careful, too. That means no bonuses, reduced perks, etc. We do it that way because that’s what responsible people do in tough economic times. That makes citigroup’s situation a little irritating.

I’m all for private business doing whatever they want with their money. But it’s not their money.
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OK, I just read an article about this (http://money.cnn.com/2009/06/24/news/companies/citigroup_salaries/) and this post seems quite inflamatory. According to the article, total compensation will remain the same (increased base salaray, reduced bonuses). So…there’s nothing to see here.