Citigroup Halts Payouts to Former Execs

Promised severance packages curtailed to avoid public anger
By Jason Farago,  Newser Staff
Posted Jun 2, 2009 5:07 AM CDT
Citigroup Halts Payouts to Former Execs
Citigroup CEO Vikram Pandit leaves the White House in Washington following a meeting between chief executives and President Barack Obama.    (AP Photo/Evan Vucci, file)

Citigroup has told several of its top former executives that it will not pay out millions in promised severance pay, reports the Wall Street Journal. The bank has already forked out more than half of the $100 million it had pledged to five or so senior employees, but it is halting the remainder to avoid any public backlash. Citigroup has received $50 billion in public capital, and the government will soon own 34% of the bank's common shares.
(More Citigroup stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X