former chairman and CEO Sandy Weill is relinquishing perks he has enjoyed in his retirement from the banking giant he assembled.
Weill, who stepped down from the helm of the financial services titan in April 2006, plans to end an agreement which allows him access to "Citigroup facilities and services comparable to what he received as chairman and CEO," the
New York Post
says, citing a Citi spokeswoman. Those benefits will end formally in April, the spokeswoman said.
Weill has received around $3 million a year from the company in pension, consulting fees, tax compensation and other perks, the
says. Weill also gets full medical and dental coverage and life insurance benefits. He also has use of a company car and driver and use of the company's jets, among other things, the article states.
According to the
, Weill walked away in 2006 with 16.6 million shares in company stock plus options for 4 million more. At the time, the package was worth roughly $800 million, but it is now worth roughly one-tenth that, the paper said.
is now unwinding the financial supermarket Weill assembled a little more than a decade ago, as the New York company faces mounting loan losses, continued writedowns on illiquid securities and capital constraints.
Citi has received $45 billion from the Troubled Asset Relief Program, as well as a guarantee from the federal government to backstop some $300 billion in assets.
Bank of America
has also had to go back to the government for more money as it struggles to integrate its recent acquisition of
The Treasury, now Citi's largest shareholder, is clearly imposing guidance on how Citi should be run. The company announced earlier this month that it would split itself in two -- Citicorp, the so-called "good bank," and Citi Holdings, the so-called "bad bank."
Shares were falling more than 4.3% to $4.02 on Thursday.