Klein To Receive Large Package On Leaving

Published: 7/28/2010

Michael Klein, reported recently to be leaving Citigroup, of which Citibank is a part, is set to receive one of the largest payouts in the industry for a departing executive since the credit crunch started.

It is understood that Mr Klein will receive a settlement package from Citibank worth over USD42 million, made up of stocks and cash, with the proviso that he does not join a rival organisation before next October. The amount may cause consternation for the company since it sits uncomfortably with the position of banks and financial institutions saying they are struggling.

Citibank has seen many changes in recent months, with a new management structure now in place to try and steer the business back into profitability and financial stability following heavy losses on the back of the US sub-prime lending collapse.