This morning, The New York Times revealed CitiGroup’s plan to raise the salaries of many of its high-earning employees by as much as 50%.
Anna Burger, Secretary-Treasurer of the Service Employees International Union released a statement in reaction to the news:
Color us skeptical, but not surprised: The top dogs at a company who took three taxpayer-funded bailout packages worth $45 billion, while wrecking the economy and keeping the bulk of its employees at near-poverty levels, have decided to reward themselves once more. Unfortunately, not all raises are created equal.
Citigroup needs to commit to give any new raises to front-line bank employees, who struggle just to make ends meet while dealing with the rising costs of healthcare, not top executives who have contributed to this mess.
America’s big banks stand out as a startling example of an era of corporate excess that needs to come to an end if we’re going to rebuild an economy with strength that can last. By passing the Employee Free Choice Act, we can begin to build an economy that doesn’t just work for people in the top floor executive suites.