Citi Plans Boost in Base Salaries: Reports

Citigroup(C Quote) plans to raise the base salaries of workers by as much as 50% this year to help compensate for cuts in annual bonuses, according to reports.

The plan by the banking giant means most Citigroup employees will make as much money as they did in 2008, although some might earn more and others less, the New York Times reports. The company also plans to award millions of new stock options to try and retain employees.

The biggest base-pay increases will go to investment bankers and traders, Bloomberg and the Times report, citing people familiar with the plan. Workers in consumer banking, credit cards, legal and risk management will see a smaller salary adjustment. ...