New Citigroup Hire Lands $30 Million Pay Deal
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Sep 27th 2010 7:13AM
Updated Sep 27th 2010 7:16AM
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.
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.
"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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