The New York mega-bank may be on the dole, but there’s always enough cash for its former bigwigs to hang around.
Former bosses Chuck Prince, John Reed and (but of course) Sandy Weill each had or have their offices — staffed by a personal assistant – paid for by the bank. So does Michael Klein, the departed former investment banking chief who walked away with a $34 million goodbye kiss.
Citi’s not alone, according to Bloomberg, which details the cost of keeping these guys around, a long tradition on Wall Street.
Stan O’Neal and three of his predecessors at the defunct Merrill Lynch get offices as do former Wachovia chief Ken Thompson and JP Morgan’s past CEO, WIlliam Harrison.