Is Citi a Buy After The Recent Slump? Find Out Here
Citigroup Inc.(NYSE:C) is the latest bank to slash bonuses. The company cut 10% 20% of incentives in its investment banking division globally. This came on the heels of Citigroups disappointing fourth-quarter results. The company generated revenues of $70.2 bilsatellite radio Volume Buzz Citigroup Inc (NYSEC) Sirius XM Radio Inc (NASDAQSIRIlion for the full year 2012, 10% lower than 2011.
Bankers up to the rank of Vice President received bonuses at the same rate or higher, while senior bankers below VP rank received lesser bonuses. The cuts however did not apply to top performers.
In Asia and Europe, bonuses were reduced by 20%; the cuts in the U.S. divisions were lower at 10%. The employees were informed of the decision last week.
Banks like Morgan Stanley have already slashed bonuses, while others like Barclays are still to decide on the issue. Many large banks are focusing on cutting expenses in a period of slow economic recovery.
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The Liberty Media stock rose 0.2 percent to $110.74 at close.
In a regulatory filing,2013-1-27 上午 2:44:43. the company said that Leon Black, Lawrence Gilberti and Jack Shaw had stepped down. The satellite- radio broadcaster has said that Mark Carleton, Robin Pringle and Charles Tanabe will replace them. Interim Chief Executive Officer James Meyer has also joined the board.
Liberty Media, Based in Englewood, Colorado gained majority control of Sirius just last week after purchasing 50 million shares of the New York-based company. Liberty controlled by billionaire John Malone now owns 50.2 percent stake in Sirius. Malone had said in July that his company plans to spin off its stake in Sirius.
Meanwhile, Sirius XM Radio Inc(NASDAQ:SIRI) has said that three directors have resigned from the board, adult education post the takeover by Liberty Media Corp.
He had helped Sirius avoid bankruptcy in 2009, by investing $530 million in exchange for a 40 percent equity stake. Sirius share prices have increased more than 19 times since then.
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