Citigroup's (C) newest energy banker Stephen Trauber could take home as much as $30 million over three years as part of his juicy new pay package with the bank.

Trauber, whom Citigroup poached from Swiss bank UBS (UBS), landed himself the deal just months after pay czar Kenneth Feinberg ended his oversight of Citigroup's pay practices, The Wall Street Journal said. The U.S. taxpayer still owned 17.5% of Citigroup as of July.

Trauber is set to make $9 million or more at Citigroup this year, The Wall Street Journal said without naming its sources. Vikram Pandit, the bank's CEO, will take home a symbolic salary of just $1.

"Competitive compensation practices are integral to retaining and attracting the best talent, which is critical to the success of Citi and all its stakeholders," said Citigroup spokeswoman Danielle Romero-Apsilos.

It's not clear how much of Trauber's compensation will be cash and how much will be stocks.

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rshiro

I REALLY DO NOT UNDERSTAND WHY COMPANIES PAY MILLIONS TO NEW EXECUTIVES. I NEVER DID THAT AND ONLY PAID BONUSES WHEN MY PEOPLE MADE THE COMPANIES MONEY. IF I HIRED A NEW EXECUTIVE I WOULD GIVE THEM A LOW BASE SALARY AND THEN INCREASE IT AFTER THEY HAD DONE AN OUTSTANDING JOB. TOO MANY COMPANIES HAVE FALLEN DOWN BECAUSE OF THE BIG HIRING BONUSES PAID TO PEOPLE WHO DID NOT TAKE THE COMPANY HONESTLY UP. ANYWAY IF I WAS HIRED I WOULD NOT EXPECT ANY ADVANCE MONEY, I WOULD PUSH SEVEN DAYS A WEEK TO MAKE SURE THE COMPANY WAS A GREAT SUCCESS. AFTER ALL ALL EXECS SHOULD BE PUTTING PRESSURE ON THEMSELVES TO MAKE SURE THEY BECOME FAMOUS BY BEING MORE SUCCESSFUL THAN ANY OTHER COMPANY. ANYWAY TAKE CARE AND GOOD LUCK BOB

October 02 2010 at 9:51 PM Report abuse +1 rate up rate down Reply
marine1942

Obama--do you see why you and the Dems are in trouble ???

September 27 2010 at 7:58 AM Report abuse +2 rate up rate down Reply