Top Firm Said To Be Stopping Severance Payments
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Citi, which has received around $50bn in US taxpayer funding, is legally obligated to pay the monies to the executives, who are said to include Kevin Kessinger, previously in charge of IT and Operations, and Michael Klein, who was co-head of Citi's investment banking unit. Both left last year. The five executives are said to have already received $100m between them (Klein's severance alone is thought to come in at around $42m in cash and stock), but the firm is betting that its former executives will not have the gall to contest the decision in court, and will gracefully accept losing out on the money in the current anti-banker compensation climate.
It was also a sad day for Citi on Monday, as the company found out it is to be booted out of the 30-member Dow Jones Industrial average. In one of life's ironies, it is to be replaced by Travelers, once just a part of the mighty Citigroup empire.
Robert Thomsom, the Dow's Editor-in-Chief said that 'we were reluctant to remove Citgroup at the height of the financial frenzy. We genuinely hope that once the bank has refashioned itself (meaning 'once it gets the US government monkey off its back'), we will be able to consider its for (re)inclusion'.
Citi confirmed that its ejection from the Dow will have no impact on its operations.
Bank of America and JPMorgan are the two remaining banks in the index.
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