Citigroup (NYSE: C) will pay one of its directors 350,00 for as little as three weeks of consulting work, according to recent reports. Robert Joss, a former Wells Fargo (NYSE: WFC) executive, has an annual consulting deal that calls for him to advise on projects from time to time, with a minimum workload of three weeks.
Joss, joined the Citigroup board of directors in July, as part of the banks overhaul that added members with more financial experience.
The consulting contract secured by Joss makes him the highest paid director since the retirement in 2009 of Roberto Hernandez Ramirez, who was the chairman of Banmex banking in Mexico, according to a Bloomberg report.
To date, Joss has advised Citigroup executives on “five or six” deals on items ranging from risk-management to operations and strategy, according to the Bloomberg report.
Joss, 68, left the board of directors at Wells Fargo, where he sat for 10 years, in order to join the Citigroup board.
