Citigroup - Weill Gets $264m 'Retirement' Payout
advertisment
More in BUSINESS NEWS
back-up- Click Here To Register For Free News E-Mail Alerts
- The 2008 Best CTO / CIO Poll - Last Week
- 'I Am Bonus' - A Necessity For Naturally Indolent People
- It Could Be Worse - You Could Be In Recruitment
- The Best Firms For Graduate Recruitment & Development Are
- BofA, Lehman, Merrill, Morgan Stanley, UBS, Hank Paulson, AIG
- Funny Caption Competition
- Wachovia Staff Memo On Confirmation Of Wells Fargo Deal
- Credit Suisse, RBS, SocGen, Dexia, Kaupthing
- Global Debt & Equity League Tables - Year To Date
- Staff From 16 Firms Already Nominated For 'Rising Stars'
- Featured Recruiter - Martin Ward Anderson
- 'There Was Nothing Special About Our Firm' - Letter From A Lehman Staffer
- Firm Said To Be Cutting 20% Of Investment Banking Staff
- Pandit Does His 'Nut'
- Roll Up For A Session Of 'Bailout Bingo'
- 'On Top Of Everything Else, Now I'll Get No Severance'
- UK Treasury Statement On Bank Financial Support Plan
- Layoffs - The Definitive Job Loss League Table (The Very Latest)
- 'Their Staff...Were Making A Lot More (Than Ours). That Won't Last'
- The So-Called 'Greedy' Lehman Bonus E-Mail
- CenterFuld - Lehman Boss In The Dock
- M&A - Top Dogs Around The World
- An Oldie, But Goodie During These Difficult Times
- Richard Fuld's Statement To The Congressional Committee (In Full)
- Citi Sues Over Wachovia - For $60bn!
- Fear Not, There Are Jobs Out There
- If Your Firm Was A Monopoly Property.....
- 'Never Mind Your Bonus' - The First Here Is The City Book
- Top Firm Accused Of Bringing Down Lehman
- Top Boss Says Bonuses Will Be 'Solid', But 'Smaller'
- Hedge Fund Makes Single $2.5bn Winning Trade
- 'This Was As Cogent A Case Of Murder As Might Be Imagined'
- 'This Hodge-Podge Of Regulations...(Will) Put Many (Banks) Off Participating'
- Wacha-Gotcha-Notcha-ovia - Bun Fight For Wachovia
- Top Worldwide M&A Legal Advisors - Year To Date
- Citigroup Threatens Legal Action Over Wachovia (Citi Statement)
- Wells Fargo Press Release On The Wachovia 'Acquisition'
- Out Of A Job, Out Of Pocket & Out For Blood
- 'In The Land Of The Laid-Off, The Hiring Firm Is King'
- UBS Confirms 2,000 Job Losses / Closure Of Commodities Unit
- A Wall Street Funny
- Worldwide M&A League Table - Year To Date
- Super Hedge Fund Manager Continues To Defy The Odds
- Fuld, Thain, BNP, SocGen, Morgan Stanley, Raymond James, Shorts
- 'My Firm Will Never Fire Me. I'm Untouchable!'
- 'I Felt Sick When I Saw Them Taking Down The Lehman Signage'
- More Writedowns Expected, Hedge Funds Suffer
- 'We Need A Reality Check'
- 'There Is Only One End To The World, And This Isn't It'
Related Content
The New York Post reports that, just a day or so after stepping down as CEO at Citigroup, Sandy Weill got a $264m payout from the financial services giant, which bought around a quarter of his shareholding in the group from him. The payout is said to have been designed to help Weill with his retirement planning. He is, however, not really retiring as he will continue as Citigroup chairman until at least 2006.
And he still has around $792m in shares left and will also receive a $700,000 lifetime annuity cheque. Weill's shareholding in Citigroup was so large that he is said to have received $32m from his last annual dividend. This latest transaction was the maximum allowed under Citigroup's stock ownership policy.
A Citigroup spokesman said that Weill 'decided to sell the stock in order to facilitate his financial planning'. Forbes magazine had Weill down as the 162 richest man on the planet last year, with a net worth of around $1.4bn.
$1.4bn is almost an obscene amount of money, but wouldn't we all like some of it! Before we get too carried away and knock Weill again, though, let's remember that the 70-year-old is a self-made man who worked hard for almost half a century for what is now his. Starting life as a messenger in 1955, he was the man who built Citigroup up into a business managing $1.1 trillion in assets with 100,000 staff worldwide. The CEO we all love to hate, you can't take it away from him - the boy did well. Good luck to him. Who will make the headlines when he finally walks away ?
A Citigroup spokesman said that Weill 'decided to sell the stock in order to facilitate his financial planning'. Forbes magazine had Weill down as the 162 richest man on the planet last year, with a net worth of around $1.4bn.
$1.4bn is almost an obscene amount of money, but wouldn't we all like some of it! Before we get too carried away and knock Weill again, though, let's remember that the 70-year-old is a self-made man who worked hard for almost half a century for what is now his. Starting life as a messenger in 1955, he was the man who built Citigroup up into a business managing $1.1 trillion in assets with 100,000 staff worldwide. The CEO we all love to hate, you can't take it away from him - the boy did well. Good luck to him. Who will make the headlines when he finally walks away ?
