Citi CEO Vikram Pandit is clearly serious about counting the dollars and cents - he's now flying commercial. And we discovered last week that Pandit had put two of the firm's corporate jets on the block. Taxpayers will doubtless be pleased.
And The New York Post reports that Pandit and other other Citi executives like Robert Rubin, Chairman Sir Win Bischoff and CFO Gary Crittenden are expected to come out this week and confirm that they are to forgo a 2008 bonus. Guess they will have to get by on their base salaries, which range from $400,000 to $1m.
The newspaper also reports that industry insiders still think that, despite its recent government bailouts, Citi is likely to need to raise more capital. Some additional $6.7bn in cash has, however, now been raised after the firm confirmed last week that it sold Citibank Germany to French mutual bank Credit Mutuel-CIC.
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