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I used to believe that this sort of thing was unbelievable but now that i'm force to believe it I still find it difficult to believe.
Citigroup pays departing executive $42.6 million, insider says
Reuters
Published: Saturday, July 26, 2008
Citigroup Inc. has agreed to pay departing executive Michael Klein about $42.6 million, a person familiar with the matter said yesterday.
Mr. Klein, a former investment banking head, is receiving roughly as much as the bank awarded Charles Prince. Prince was the Citi chairman and chief executive, who retired in November as the bank prepared to post billions of dollars of writedowns.
But Mr. Klein's payout comes at a cost. (poor guy :eek
Under the agreement, he cannot work for, advise, or solicit clients for 12 major commercial and investment banks through Oct. 4, 2009. He also cannot solicit or hire Citi employees during that period. Mr. Klein cannot solicit clients away from Citigroup. He can approach Citi clients to invest in alternative asset management businesses. These could include private equity funds.
Citi said Monday that Mr. Klein, a 23-year veteran of the firm, who most recently was chairman of its institutional clients group, was leaving.
The departure is latest in a management shakeup under Vikram Pandit.
He became the bank's chief executive in December.
Reuters
Published: Saturday, July 26, 2008
Citigroup Inc. has agreed to pay departing executive Michael Klein about $42.6 million, a person familiar with the matter said yesterday.
Mr. Klein, a former investment banking head, is receiving roughly as much as the bank awarded Charles Prince. Prince was the Citi chairman and chief executive, who retired in November as the bank prepared to post billions of dollars of writedowns.
But Mr. Klein's payout comes at a cost. (poor guy :eek
Under the agreement, he cannot work for, advise, or solicit clients for 12 major commercial and investment banks through Oct. 4, 2009. He also cannot solicit or hire Citi employees during that period. Mr. Klein cannot solicit clients away from Citigroup. He can approach Citi clients to invest in alternative asset management businesses. These could include private equity funds.
Citi said Monday that Mr. Klein, a 23-year veteran of the firm, who most recently was chairman of its institutional clients group, was leaving.
The departure is latest in a management shakeup under Vikram Pandit.
He became the bank's chief executive in December.