BUSINESS BRIEFING / BANKING
Times Wire Reports
Beleaguered banking giant Citigroup Inc. spent about $3.5 million to reward top-performing advisors at its Smith Barney brokerage unit.
The payments are in lieu of three trips Citi usually plans for the division’s top revenue-generating advisors. Those trips were canceled earlier in attempts to slash costs amid the ongoing economic downturn.
Citi has posted five consecutive quarterly losses and received $45 billion in government assistance during the ongoing credit crisis. Citi said none of the money from the government investment was being used for the rewards.
