BushidoBrown
Superstar
Continuing off the back of the last thread featuring genius corporate C suite wisdom -
https://www.thecoli.com/threads/jam...employee-should-budget-her-low-salary.702876/
Now Citi’s CEO is tellin yall if you want higher pay, just work your way up to it
Citigroup CEO Corbat defends bank's pay gap: `I started in 1983 at $17,000 salary'
Im on mobile but i’ll post the full article + highlights when i get home from work
link to the video is > Citi CEO Michael Corbat defends C-suite executive pay gap
Discuss
https://www.thecoli.com/threads/jam...employee-should-budget-her-low-salary.702876/
Now Citi’s CEO is tellin yall if you want higher pay, just work your way up to it
Citigroup CEO Corbat defends bank's pay gap: `I started in 1983 at $17,000 salary'
Im on mobile but i’ll post the full article + highlights when i get home from work
Citigroup CEO Corbat defends bank’s pay gap: `I started in 1983 at $17,000′ salary
PUBLISHED THU, MAY 2 2019 • 10:19 AM EDT UPDATED THU, MAY 2 2019 • 2:23 PM EDT
Hugh Son@HUGH_SON
KEY POINTS
- Citigroup CEO Michael Corbat defended the large pay gap at his institution, saying it should inspire low-level employees to work hard.
- “I started at our firm in 1983 at $17,000 a year,” Corbat said Thursday on CNBC’s “Squawk on the Street.”
WATCH NOW
VIDEO04:23
Citi CEO Michael Corbat defends C-suite executive pay gap
Michael Corbat defended the huge compensation gap between low-level employees and top management at Citigroup, saying it should inspire the rank-and-file workers who could someday fill his shoes.
“My answer is I am that person,” Corbat said Thursday on CNBC’s “Squawk on the Street. ” “I started at our firm in 1983 at $17,000 a year.”
The pay gap at Citigroup, led by Corbat since 2012, is the biggest among large U.S. banks. Corbat made $24.2 million last year, 486 times the median employee pay of $49,766. While other bank CEOs had similar paydays, higher median pay at Bank of America and J.P. Morgan Chase meant that Citigroup had the most extreme ratio.
That comparison is unfair to Citigroup because of the employees the bank has in places like Mexico and the Philippines, where compensation is low, he said. Excluding those workers, the “average employee in the U.S. makes right about $100,000 a year,” he said.
Income inequality at large U.S. corporations is a hot-button issue ahead of the 2020 U.S. elections. The pay ratio is even more extreme outside of banking, in industries like retail, food and entertainment. For instance, Disney CEO Bob Iger made 1,424 times the median pay of his employees, prompting Abigail Disney to call his compensation “insane.”
Corbat, along with other bank CEOs, was grilled last month by U.S. lawmakers over the pay gap at their institutions.
Go
“If you were an employee, and you saw your boss making $486 for every dollar you make, how would you feel about that?” Rep. Nydia Velazquez, D-N.Y., asked Corbat on April 10.
Echoing his answer then, Corbat added Thursday that “through the grace of God, through hard work, I got to where I am. So I am that person that looked up and said maybe if I work hard enough I can get there.”
Shares of Citigroup have climbed 35% this year as the stock recovered from a sharp decline in December. The New York-based bank posted mixed first-quarter results last month amid a sharp decline in equities trading.
link to the video is > Citi CEO Michael Corbat defends C-suite executive pay gap
Discuss
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not everyone is gonna end up being the CEO, you fukkin dirtbag. i dont want to subsidize your employees needing food stamps in the meantime
