Citigroup is raising CFO John Gerspach’s salary from $400k to $500k, despite the fact that the failed firm has received billions of dollars in government aid.
James Forese, co-head of global markets, will make $475,000, more than double his previous salary:
AP: The pair will also receive “stock salary” for 2009. Gerspach will receive stock valued at $2.9 million as part of his compensation for 2009. Forese will receive stock valued at $5.4 million.
Stephen Volk, a vice chairman at the bank, will continue to receive a base salary of $500,000. He will receive stock worth $3.4 million. The stock portion of the pay will be awarded on Nov. 30. The number of shares given to each employee will be based on Citi’s closing price that day.
Vikram Pandit, meanwhile, will keep his $1 salary.