To Retain Its Bankers, Citi Offers Option Plan

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Published in The New York Times November 7, 2009 by Eric Dash
 
Hoping to encourage bankers and managers to stay, Citigroup began dispensing several million stock options this week to more than a quarter of its workers in a way that could result in a sizable gain for them.
Many Citigroup employees saw their nest eggs vanish after the bank’s share price plummeted to about $4 now from about $56 a few years ago.
As an extra incentive to stay and help with the turnaround, Citigroup said it would grant one stock option at just above the current market price for each unvested share employees had accumulated. If the share price rebounds, as it has at Goldman Sachs and JPMorgan Chase, Citigroup employees could see a sharp increase in their 2009 compensation.

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