Top new banker at Citigroup, who defected from Swiss opponent UBS AG in the previous periods of the month, could see his bank account filled with money, as he might be paid 30 million dollars a year.
A specialized banker in the energy sector, Stephen Trauber has been successful at securing lucrative 3-year old deal of getting paid a whopping sum, as informed by The Wall Street Journal.
Still, the U. S. Treasury possess around 17% of Citigroup after bailing out when the financial crisis arose during 2008-2009 period, so as to tune 45 billion dollars.
But also, if the Government takes in a decent amount of responsibility in the bank's operations, there have to be restrictions placed upon how much the bank could pay its top executives.
Nonetheless, on Friday, the Citigroup announced that it would grant tens of millions of dollars in shares in this year to its top 25 executives.
The CEO of the bank, Vikram Pandit is also expected to get raise in the subsequent year from existing one dollar salary that he draws.
In the year 2008, the once world's biggest bank lost a gigantic number, $27.6 billion, which is when the collapse of opponent U. S. investment bank, Lehman Brothers initiated the process of the most horrible monetary crisis in 10 years.