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Citi's 7k laid off staff were paid an average of $214k each
- mey 2y agoWould be interesting to know what the median salary was. A couple executives could skew that average drastically.
- glandium 2y agoGoing from the title, one person paid $100M would only move the needle by $14K
- tekla 2y agoHow many is a couple and how much would they have to make to skew that average drastically? I did a few napkin calculations and it would take a lot of hilariously highly paid executives to matter for the average.
- JumpCrisscross 2y ago"Citi CFO Mark Mason said today that the bank expects to make annualized run rate savings of $1.5bn a year from those 7,000 job cuts. This means the bank was spending an average of no more than $214k on each of those people, including employer's taxes." Title is incorrect. If they cost Citi $214k each, I'd eyeball they were being paid around $150k.
- sp332 2y agoAnd it doesn't mention expenses for travel etc. which would not even be considered part of an employee's compensation.
- varenc 2y agoThis title is incorrect. Citi says cutting these 7k jobs is saving them $214k/year/person in costs, but not all of that cost is salary. There’s also employee benefits, services, office space, etc. I’d guess the average salary is about 60-70% of that. And as others have noted firing a few outsized earners will skew the pool.