Citi Chairman Richard Parsons was on Bloomberg TV Monday, praising CEO Vikram Pandit.
Parson confirmed that Pandit had 'the full support of the board', and gushed: 'Vikram has done a tremendous job, and he has not been given the credit that I think is due to him and his team. We fell into a pretty deep hole, and I think it's clear to the markets now that Citi is climbing out of that hole and will get out of that hole'.
The news agency also reports that, over the next 18 - 24 months, Citi proposes to double the size of its 30-person institutional hedge fund investment advisory business.
The New York Times DealBook column reports that a recent Goldman filing revealed that a 'child' of CEO Lloyd Blankfein was paid $155,000 last year. The son of Esta Stecher, the firm's general counsel, made $200,000, while CFO David Viniar's stepdaughter was paid $225,000.
In the meantime, Reuters reports that interdealer broker ICAP is to cull 114 cash equities jobs in Europe and Asia. The move is said likely to cost up to $76m.
And The Financial Times reports that Joseph Schmuckler, the New York-based head of Mitsubishi UFJ's global markets business, has left the firm by mutual consent. While The Wall Street Journal reports that Daniel Coleman has stepped down as UBS's global head of equities in order to pursue other career opportunities.
Finally, the newspaper also reports that US pay czar Kenneth Feinberg is to review executive compensation at Goldman Sachs, JPMorgan Chase and 417 firms which received bailout funds from the US government. Strangely, the review will cover pay for 2008 (when hardly any bank executive took anything), and any recommendations Feinberg makes can be ignored, as he has no powers to enforce his views anyway.