Citigroup Locks the Door and Throws Away the Key

Upping the ante on Morgan Stanley and other firms that have stiffened their notice periods recently, Citigroup introduced a new policy requiring investment bankers to give a 50-day notice before quitting--or risk losing their bonuses. Managing Directors are subject to an even harsher 75-day waiting period. “It’s unusual,” said Gary Goldstein, chairman and chief executive officer of New York-based Whitney Group, an executive- recruitment firm that specializes in financial services. “Not many firms have a clawback policy on bonuses.” Maybe they’ll start to now that the genie’s out of the bottle.
Citigroup Requires Bankers to Give 50-Day Notice [Bloomberg]

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