Citigroup Honcho's In-Law Is Off the Payroll: Street Whispers
NEW YORK (TheStreet) -- Citigroup(C) 's newly promoted co-President, Manuel Medina-Mora, might have one more mouth to feed, judging from a Securities and Exchange Commission filing Thursday.
The filing states that "an adult spouse of an adult child of Mr. Medina-Mora, an executive officer, was employed by Citi and received 2012 compensation of $124,524. As of June 15, 2012, this individual was no longer an employee of Citi."
The bank's latest proxy statement, published in March, reported that this unnamed in-law (assuming it was the same one) was employed by Citigroup's Institutional Clients Group and received $169,601 in 2011.
Citigroup announced in December it would eliminate 1900 layoffs in ICG, part of 11,000 cuts throughout the bank, so its not clear how long this relative would have lasted anyway.
Still, Medina-Mora received $11 million in compensation in 2011 and though his 2012 pay hasn't yet been disclosed, he already tacked on another fund distribution worth roughly $420,00 for the year just ended, according to Thursday's SEC filing.
That should be enough to take care of one or two in-laws, just in case the co-President should find it necessary.
Medina-Mora "has told some colleagues that he would like to become Citigroup's CEO," according to a 2010 profile of the former Banamex chief in The Wall Street Journal. That account described an extraordinarily image-conscious executive who had deputies make sure everyone was seated before he arrived at meetings. According to the newspaper, Medina-Mora "hired an assistant to help overhaul his appearance, shed his eyeglasses, bought a wardrobe of expensive suits and started working out with a personal trainer."
Should Medina-Mora succeed in his quest to reach the top of Citigroup, he may be able to hire back the in-law. After all, Jonathan Blankfein, son of the Goldman Sachs(GS) CEO, earned $135,000 working for Goldman in 2011, according to the bank's proxy.
-- Written by Dan Freed in New York.