Gee, how nice of them to debate the issue and come to this conclusion. Oh right, they still haven't had the decency to confirm this and are only "considering" this option. Never mind that Citi lost billions due to bad management decisions and needed a bailout to stay afloat while they led the way with dragging down the US and global economy. It's perhaps best that they still think about it even though other Wall Street failures - who lost much less - have already announced that they are not handing out bonuses. It remains a mystery why anyone at Citi is receiving a bonus, executive or not. When you fail this badly, you don't reward people. Period.
Citigroup Inc'sLet them get mad and leave or try their luck elsewhere if they think they're so valuable. Too many Americans are getting by with less who had nothing to with creating this problem and they're not receiving a bailout or a bonus.top executives and Robert Rubin, a director and senior counselor at the firm, are ready to forgo their bonuses this year as the bank reels from the effects of the financial crisis, the Financial Times reported.
Rubin, a former U.S. treasury secretary in the Clinton administration, told the board he felt the funds that would have been used for his bonus could be better spent on other employees, according to a person close to Rubin, the paper reported.
The U.S. government's rescue of the bank made it almost impossible for the company's board to award cash bonuses to other senior executives, led by Chief Executive Vikram Pandit, people close to the situation told the paper.
Citigroup could not be immediately reached for comment.
No formal decision on bonuses would be taken until January, but Citigroup's executives had to make a significant gesture to defuse criticism from politicians and regulators, people familiar with the situation told the paper.
Rising dissent among employees, many of whom face redundancy or lower bonuses, has also weighed on the company's deliberations, the paper said.
