Citi Boss Michael Klein Paid $29 Million Not To Work For Someone Else

f?id=49cb83374b5437f900b3e080

Citigroup is a marvellous company to work for (C).  When you quit, they’ll pay you tens of millions of dollars not to go work for someone else!

(Great to see our TARP money being put to such good use).

NYT: [Michael] Klein, who headed Citigroup’s investment banking operations, was given a retention package in cash and stock worth $19.3 million [in March 2008]. Even though he announced his departure a few months later, the board nonetheless paid him his full $5.5 million cash bonus in connection with that award.

That was on top of nearly $28.8 million in two other cash payouts — one due on March 31, the other in October — for agreeing not to work for several Citigroup rivals.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.