Andrew Hall, the oil trader behind Citigroup’s energy trading arm Phibro LLC, is seeking a “quiet divorce” from his parent company, according to reports Tuesday.
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Hall has been thrown into controversy after reports that the beleaguered bank was set to pay him a $100 million bonus after the bank received billions in federal bailout money. The White House called the potential payment “out of whack”.
Citigroup said in its statement that the Phibro unit operates under a pay-for-performance contract, with compensation determined at the end of the year as a percentage of the profits the business earns for Citi.
"We're confident in the value these types of profit-sharing arrangements bring to the company and its shareholders as they directly align compensation with performance and include appropriate clawback and risk-sharing provisions," Citigroup said.
It has been rumored that Hall has been adamant about receiving the bonus he has earned. Hall is known as a skilled trader with a knack for long-term bets.
It is unsure what the Treasury Department’s pay czar will handle this situation. Hall is the head of Phibro, a commodities trading firm in Westport, CT, and has earned $2 billion for Citigroup over the past five years, according to the New York Times.
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