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Citi Creates Profit-Sharing Plan

Citigroup has awarded $11.9 million in profit-sharing to four senior executives.

Citigroup has awarded $11.9 million in profit-sharing to four senior executives, The Wall Street Journal reports. The new plan will be implemented if the banking company earns a pre-tax profit of more than $12 billion over the next two years.

The executives will get two-thirds of the payout in cash in January 2013, with the remaining third deferred by a year, subject to reduction in the event of subsequent losses. The company’s president and COO, John Havens, will receive at least $5.2 million, while Manuel Medina-Mora, CEO of consumer banking in the Americas, will be eligible for at least $2.66 million, adds Bloomberg.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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