Report: Citigroup energy trader wants $100M contract...

The hefty 2009 pay package of Andrew J. Hall, leader of Citigroup Inc.'s lucrative Phibro energy trading unit, may spark a showdown between the New York-based bank and government pay czar Kenneth Feinberg, according to a Wall Street Journal report Saturday.

[a citi employee]

citi is cutting all of the support people that keep the bank going and has given the survivers a 3% raise to compensate for their hard work. on top of that - they have outsourced a high number of technology and back office jobs to India which seems to be reaping the most benefit from these cutbacks.
citi is reducing costs by firing experienced people, replacing them with totally inexperienced people half a world away, and is bleeding money in inefficiencies, training issues, and all of the other problems associated with hiring a consultant staff with absolutely no experience.
the government should protect the little people at the firm. these are the ones that are now unemployeed, uninsured, and un hirable in todays market place.
so citi saves moeny on people expence and the government picks up welfare, unemployment payments, skilled white collar people with no place to work.
that is the travesty of this whole situation. let the pay czar and the president keep domestic jobs, forget the $100million dollar man, and make citi invest where it should - in the dedicated people that monitor the books and records, keep the general ledger in balance, process trades for the clients, do the government reporting, provide governance over the firm.
it is not fair

[ex-Citibanker]

a citi employee wrote:

citi is cutting all of the support people that keep the bank going and has given the survivers a 3% raise to compensate for their hard work. on top of that - they have outsourced a high number of technology and back office jobs to India which seems to be reaping the most benefit from these cutbacks.
citi is reducing costs by firing experienced people, replacing them with totally inexperienced people half a world away, and is bleeding money in inefficiencies, training issues, and all of the other problems associated with hiring a consultant staff with absolutely no experience.
the government should protect the little people at the firm. these are the ones that are now unemployeed, uninsured, and un hirable in todays market place.
so citi saves moeny on people expence and the government picks up welfare, unemployment payments, skilled white collar people with no place to work.
that is the travesty of this whole situation. let the pay czar and the president keep domestic jobs, forget the $100million dollar man, and make citi invest where it should - in the dedicated people that monitor the books and records, keep the general ledger in balance, process trades for the clients, do the government reporting, provide governance over the firm.
it is not fair

If the guy made big bucks for the group then pay him but not all upfront, a part of the bonus should be deferred otherwise people are subjecting the bank to unneccessary high risk. Portion deferred can be reduced if subsequent year profits don't meet target.

Whats the use of having governance/compliance if there is no one making any money for the bank? Citigroup desparately needs people who can bring in the money within acceptable risk limits to ensure that remaining employeees have jobs.US market has been the problem for many banks. HSBC if it had not bought Household Finance would have been in much better shape. Citi Emerging Markets business is profitable but all the profits were wiped out by losses in the US!Citigroup Management has to find a way to ensure that going forward its operations in the US can be profitable.

[your kidding me]

no one is worth 100 million that is just wrong...90% OF TRADING IS LUCK AND IS BASED ON THE HARD WORK OF LITTLE GUY IN THE CUBICLE THIS DEMONSTRAIGTS WHAT IS SO WRONG WOTH cITI

[kurious]

your kidding me wrote:

no one is worth 100 million that is just wrong...90% OF TRADING IS LUCK AND IS BASED ON THE HARD WORK OF LITTLE GUY IN THE CUBICLE THIS DEMONSTRAIGTS WHAT IS SO WRONG WOTH cITI

Amen to that. Straight up banking business bring solid income for Citibank not speculative trading