Citigroup's Sale of Phibro: Ending the US$ 100 Million Pay Controversy

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Case Details:

Case Code : BECG108
Case Length : 13 Pages
Period : 2007-2009
Pub Date : 2010
Teaching Note :Not Available
Organization : Citigroup Inc.
Industry : Financial Services
Countries : US

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts Contd...

Occidental's View

Phibro become a part of Occidental's midstream segment, which included the natural gas liquids, power, pipeline, and trading businesses. Founded in 1920, Occidental was the fourth largest U.S. oil and gas company. Its operations included oil and gas exploration and production in the US, the Middle East, North Africa, and South America...

The After Effects

Citigroup said that the sale of Phibro would not have any major impact on its earnings or on its other businesses, including its commodities trading business for clients.

According to Gerard Cassidy, a banking analyst with RBC Capital Markets , Citigroup was unlikely to be very concerned about the lost income due to the sale of Phibro, as the company had more serious problems to worry about. He said, "They're going to miss those earnings. But the credit losses are much larger and will have a much bigger impact."...


Exhibit I: 2008 Bonuses at Some Wall Street Firms
Exhibit II: Bonus Breakdown for Citigroup in 2008 (From the Cuomo Report)


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