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Tuesday, November 17, 2009
Citigroup Reports Executive Salary Raise
FOXBusiness
Citigroup (C) raised the annual base salary for two of its executives, its Chief Financial Officer, John Gerspach and its Co-Head of Global Markets, James Forese, according to reports, Tuesday.
Gerspach’s salary was bumped from $400,000 to $500,000, annually, while Forese received a boost from $225,000 to $475,000, MarketWatch reported.
The bank said both increases were approved by administration’s compensation czar, in an October 22 letter to the Citi, the news service said.
The two executives also received company stock, with $2.9 million going to Gerspach and $5.4 million awarded to Forese. The stock awards were also compliant with the government’s compensation guidelines for banks participating in the Troubled Asset Relief Program, according to MarketWatch.
Chief Executive Vikram Pandit did not receive a pay raise and was not awarded stock, the report noted.
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