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Top Citi Executives to Forgo 2008 Bonuses, Reports State
Citigroup Inc. (C) Chief Executive Officer Vikram Pandit and Chairman Winfried Bischoff will forgo 2008 bonuses after the bank lost three-quarters of its market value and got a $45 billion U.S. bailout, Pandit said in a memo to employees.
Robert E. Rubin, the former U.S. Treasury secretary who serves as an adviser to the New York-based company, declined a bonus for a second straight year, said the memo sent to Bloomberg News by Citigroup spokesman Michael Hanretta. According to Bloomberg, senior leadership committee members will get smaller awards than last year.
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U.S. CEOs Could Learn From Their Asian Counterparts
Judging from recent reports that JP Morgan Chase & Co. (JPM) Chief Executive Jamie Dimon and Citigroup Inc. (C) board member Robert W. Rubin will forgo bonuses this year, it appears that at least some U.S. executives are starting to change their habits, as we’ve long suggested they should.
Just yesterday (Monday), in fact, U.S. heavy-equipment giant Caterpillar Inc. (CAT) announced it was cutting executive compensation by as much as 50%, because of weakening global demand.
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But let’s be very clear:…
24Dec2008 | Money Morning | 0 comments | ContinuedBy Ignoring the Treasury Secretary’s Advice, Did WaMu Make the Worst Possible Deal for Itself?
U.S. Treasury Secretary Henry M. “Hank” Paulson Jr. warned former Washington Mutual Inc. (OTC: WAMUQ) Chief Executive Officer Kerry Killinger to sell the thrift to JPMorgan Chase & Co. (JPM) two months before WaMu failed, both The Seattle Times and Bloomberg News reported.
According to the published reports, Paulson telephoned Killinger and told him that “you should have sold to JPMorgan Chase in the spring, and you should do so now. Things could get a lot more difficult for you.”
The Times report quoted a WaMu executive who was familiar with the incident, but didn’t disclose the source’s name.
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