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WEDNESDAY, NOVEMBER 25, 2009
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Citigroup Paid Employees $13M for Scrapped Resort Trip

Bahamas trip for top performers was nixed after spotlight put on bank's spending

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(Newser) – Citigroup employees whose jaunts to the Bahamas were canceled amid scrutiny of the bailed-out bank's spending were paid $13 million in compensation for the scrapped getaway, insiders tell Bloomberg. Sales agents—all 1900 of them—who had been scheduled to stay at a swanky resort were paid $5,000 each, while 2,000 brokerage advisers were given debit cards worth up to $3,000.

The Bahamas junket was one of several scrapped by financial firms after President Obama's recent warning that bailed out companies "can’t take a trip to Las Vegas or down to the Super Bowl on the taxpayers’ dime.” A Citi spokeswoman defended the payouts, saying it was necessary to retain top performers in some of the banks' still-profitable units. Federal officials are currently discussing more aid for Citigroup, which has already collected $45 billion in bailout funds.

Top-performing Citigroup employees whose trip to the Atlantis Resort in the Bahamas was scrapped were paid a total of $13 million to make up for it.
Top-performing Citigroup employees whose trip to the Atlantis Resort in the Bahamas was scrapped were paid a total of $13 million to make up for it.   (AP Photo/Macduff Everton)
A planned Citigroup trip to the Atlantis resort in the Bahamas for several thousand employees was canceled last month, but workers were compensated for missing out.
A planned Citigroup trip to the Atlantis resort in the Bahamas for several thousand employees was canceled last month, but workers were compensated for missing out.   (AP Photo/Johansen Krause)
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In the most aggressive recruiting environments in the history of our industry, we need to reward, retain and develop the best employees of these profitable Citi businesses. - Citi Holdings spokeswoman Susan Thompson

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4 comments
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divetrader
Mar 10, 09 6:26 AM CDT
Citi group can't even give themselves an accurate self analysis. If they could, they would realize they don't have any top performers. Reply
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Woofer58
Mar 10, 09 9:24 AM CDT
What do they mean by "most aggressive recruiting environments in history..." ??? I'd think that the fears of being unemployed would keep employees where they were and give them some incentive to do better work. It all sounds fishy to me... Reply
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SPH
Mar 10, 09 1:30 PM CDT
These Citi executives just don't seem to understand the American Taxpayers (their bosses by proxy) are outraged over these extravagant indulgences.... Reply
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radnip
Mar 11, 09 4:54 AM CDT
Just hope they made sure these sales agents did not sell any risky mortgages, including these so-called 'safe" 10% down mortgages they're promoting now. Please, 10% was considered risky until the latest run-up. Reply
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