In the wake of four straight quarterly losses for Citigroup Inc., its top executives are ready to give up their 2008 bonuses, the Financial Times reported today.
Former Treasury Secretary Robert Rubin, who serves as Citigroup’s director and senior counselor, told the bank’s board that the funds that would have been used for his bonus could be better spent on other employees.
A Citigroup spokeswoman would not say how many executives may forgo their bonuses only saying,"decisions by the board have not been made at this time."
On Nov. 24, New York-based Citigroup received a $20 billion cash infusion from the federal government, along with $306 billion in guarantees to cover risky assets (InvestmentNews, Nov. 24).
Earlier last month, chief executive Vikram Pandit announced plans to cut 52,000 jobs.
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