Citigroup CEO Vikram Pandit said that $100 million is too much for an employee to earn given the bank’s circumstances, reports Reuters. In an interview before an audience in New York, when asked if $100 million was too much money for a Citigroup employee to earn given the government support the bank has received, Pandit responded with “yes.” Andrew Hall, a trader at Citigroup, has a contacted pay package that could be worth $100 million. Because Citigroup management signed the agreement, the bank is obligated to pay it, Pandit said. Kenneth Feinberg, who is ensuring TARP recipients do not receive excessive pay packages, will have a difficult challenge ahead of him as he reviews the pay plan. It is not clear if Feinberg has the authority to limit Hall’s pay. Hall works at Citigroup energy trading unit Phibro, a business that Pandit said he is working to turn into an asset manager that invests money from outside investors, instead of a unit that trades Citigroup’s money.
Citigroup’s Pandit Says $100M Pay is Too Much
Citigroup employee’s contractual pay agreement could entitle him to as much as $100 million.