Dropping Client Assets And Jet Fleets
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Citigroup, which reported a whopping $8.29 billion fourth-quarter loss on Friday, should take a harder look at its balance sheet. Say, maybe at the odd-$21 million a year the firm is spending to put up former CEO and Chairman Sandy Weill’s personal investment firm, S.I. Weill, on the 46th floor of the General Motors building.
According to CityFile.com, which covers notable and influential New Yorkers, Weill’s vision of a “financial supermarket” might be crumbling, but the perks of the 10-year employment agreement he signed with Citi remain intact. Read the CityFile.com story here, but basically, under the deal, Weill gets a “generous” advisory fee for advisory work (up to 45 days a year), a full-time car and driver, and health and life insurance for him and his wife. He also has access to Citi’s jets, but said he would give up his lifetime access to the flight service in 2013 (which may not be necessary since CityFile says Citigroup put its two jets up for sale.)
In Weill’s defense, he’s also feeling the pinch of Citigroup stock, which closed at $2.80 yesterday, a 20 percent drop in one day, and a roughly 88 percent decrease over 12 months.
