Citigroup plans to raise employees’ base pay
Increases by as much as 50 percent to offset small bonuses
Citigroup Inc. is increasing base salaries for many of its employees, with some getting as much as a 50 percent boost, to help offset smaller bonuses, according to a New York Times report published Wednesday.
Citi faces restrictions on bonuses as part of a new government compensation oversight plan because it received bailout funds from the Treasury Department. By shifting the mix in compensation packages, it will allow Citi to pay most employees as much as they received in 2008 while adhering to bonus caps, according to the Times report citing anonymous sources.
Increases by as much as 50 percent to offset small bonuses
Citigroup Inc. is increasing base salaries for many of its employees, with some getting as much as a 50 percent boost, to help offset smaller bonuses, according to a New York Times report published Wednesday.
Citi faces restrictions on bonuses as part of a new government compensation oversight plan because it received bailout funds from the Treasury Department. By shifting the mix in compensation packages, it will allow Citi to pay most employees as much as they received in 2008 while adhering to bonus caps, according to the Times report citing anonymous sources.
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