Why did it take so long for Citi (C) execs to arrive at this no brainer? FT reports that key execs, as well as Bob Rubin, are willing to give up their bonuses for this year. This should have been announced ages ago. They could’ve done so when they had the big town hall, or maybe when they got their second big bailout from the government, without which they probably would’ve been nationalized by now.
The idea that any of them were going to take bonuses this year seems pretty preposterous. If Rubin, especially, whose reputation has been blown to smithereens, had taken a bonus, that would’ve been a PR catastrophe.
And yes, this is largely a cosmetic, PR decision, but PR isn’t irrelevent, especially when your employer is the taxpayer.