Citigroup (NYSE: C) Investment Banking Chief John Havens received a $9 million compensation package in 2009 making him the highest-paid employee of the bank, according to a new WSJ report.
Haven’s salary was not vetted by the Treasury Department’s paymaster Kenneth Feinberg because he was not one of the bank’s 20 highest-paid employees during the time of the review, the WSJ reported.
Hall’s compensation package consisted of 2.7 million shares of Citigroup stock which he received on December 30th, according to a regulatory filing. Those shares, which Havens cannot immediately sell, accounted for all of his bonus and part of his salary. The shares that Havens picked up were worth an approximate $9 billion based on Citigroup’s December 30th share price of $3.32.
It was reported that Havens also received a cash salary, but Citigroup hasn’t stated the salary. One of WSJ’s sources said that the cash salary was less than $500,000.
Before Havens’ compensation package because public, Andrew Hall, the head of Citigroup’s Phibro trading unit, was the most noted high-earner at the bank. Citigroup sold Phibro over concerns relating to Hall’s $100 million compensation package. The company was sold for just $250 million.
