Citigroup director to receive $350,000 for three weeks work, reports claim

12 May 2010

A director at investment bank Citigroup is to be paid as much as $350,000 for working for three weeks in an advisory role, newspaper reports have claimed.

A filing from the Securities and Exchange revealed that Robert Joss, who joined the institution’s board in July of last year, would be occasionally asked to work in the consultancy post to receive the wage.

The statement quoted a letter written by Citigroup vice-chairman Lewis Kaden, who said the board member would be expected to work “a minimum of approximately three weeks”.

Mr Joss told Bloomberg: “There are people who go out there and give speeches for $50,000 a speech, and I guess in some ways I think there’s a lot of value added, but that’s really up to the company to decide.”

“It’s not something I have to do. But I’m putting in a lot of time, and it seems like it’s fair.”

According to the news provider, the board member will receive the money in addition to a salary of $225,000 and deferred stock.

Citigroup is currently 27 per cent owned by the US government after it relied on $45 billion of taxpayer money to survive the global financial crisis.

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