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Citi spends $3.5M to reward Smith Barney brokers

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JCMach1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 12:43 PM
Original message
Citi spends $3.5M to reward Smith Barney brokers
Source: AP

Embattled banking giant Citigroup Inc. spent about $3.5 million to provide rewards for top-performing advisers at its Smith Barney brokerage unit.

The payments are in lieu of three trips Citi usually plans for its top revenue-generating advisers in the division. Those trips were canceled earlier in the year as Citi attempts to slash costs amid the ongoing economic downturn. Citi has posted five consecutive quarterly losses and received $45 billion in government assistance during the ongoing credit crisis and recession.

Many major financial firms that have received government funding in recent months have drastically scaled back spending on events and perks for employees amid growing anger from politicians in Washington about how they spend money.

Citi said none of the money from the government investment is being used for the rewards.

"This program is funded by operating revenue of Smith Barney and achieves a nearly 80 percent cost saving over some previous recognition programs," Citi spokesman Alex Samuelson said Monday...

Read more: http://news.yahoo.com/s/ap/20090309/ap_on_bi_ge/citigro...



Okay, whatever... just using money that could have gone elsewhere...
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rollingrock Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 12:49 PM
Response to Original message
1. Sickening
these banksters should be behind bars.
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CountAllVotes Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 12:59 PM
Response to Original message
2. people are now living in tent cities
in Sacramento right next to the American River.

And these bottom suckers continue on their merry little way collecting millions/billions of dollars while Americans die!

:grr: :grr: :grr: :argh: !!!

:dem: :kick:
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 01:08 PM
Response to Original message
3. Bonuses when they're posting LOSSES?
What is the matter with their brains?
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durablend Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-10-09 06:43 AM
Response to Reply #3
11. Nothing whatsoever
What's the matter with OUR brains (for putting up with this shit), that's the more important question.
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tosh Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 01:19 PM
Response to Original message
4. "achieves a nearly 80 percent cost saving ...
over some previous recognition programs"

Well, now, THAT makes me feel better. :puke:
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skoalyman Donating Member (751 posts) Send PM | Profile | Ignore Mon Mar-09-09 01:25 PM
Response to Reply #4
5. its the new reality lesser the brain higher the bonus
:crazy:
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TheCoxwain Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 02:09 PM
Response to Original message
6. The Navy should fire a Tomahawk up these bankers arses.
nt
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Lucky Luciano Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 03:45 PM
Response to Original message
7. A non-story - that is just a couple thousand per employee...
Edited on Mon Mar-09-09 03:45 PM by Lucky Luciano
and these are commission based jobs. Bonus = commissions earned in this case. The salaries are minimal. If no commissions will be paid to the commission earner, then that person may as well come to work and fuck off all day as there is no incentive to make any phone calls...most brokers make about 600 phone calls per day.
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JCMach1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 03:49 PM
Response to Reply #7
8. bonus!
Beyond their sales salary
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Lucky Luciano Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 03:52 PM
Response to Reply #8
9. The salary would not cover the cost of living because
the cost of living only gets covered once the commissions come in.
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JCMach1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Mar-09-09 04:17 PM
Response to Reply #9
10. Besides, it's Manhattan! Come on, they are in a firm that is going under
it is total rubbish and par for the CITI course...
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Sgent Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Mar-10-09 01:55 PM
Response to Reply #8
12. Usually the "salary"
is ZERO. Commissions are your salary in the brokerage business.

In addition, if they get screwed, they will leave (with most of their customers) and go elsewhere.
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