Citigroup banker to be paid up to $30m per annum, report states

28 September 2010

Stephen Trauber, a new executive at Citigroup, may receive as much as $30 million as salary, a news report has claimed.

According to people familiar with the matter, the figure is expected to be the banker’s wage over the course of the next three years, the Wall Street Journal reported.

Previously, Mr Trauber worked for UBS before agreeing to join Citigroup, where he is expected to become one of the firm’s most well paid employees.

According to the news provider, the move by the bank follows the departure of the Kenneth Feinberg from the US government position of pay czar.

The latter was employed by the authorities to monitor the renumeration of bankers staffed at institutions which relied on state bail outs to survive the financial crisis.

Meanwhile, the investment bank recently unveiled plans to provide a “stock salary” to its top 25 executives.

Vikram Pandit, chief executive of Citigroup, stated that he would not accept a salary above the $1 he received last year.

However, Richard D Parsons, chairman of the financial institution, said that while the board respects this decision by the CEO, it intends to pay him an amount “commensurate with the job”.

By Jim Ottewill

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