For Immediate Release
Christy Setzer 202-730-7349
Marcus Mrowka 202-730-7759
SEIU to Citigroup: Ensure Raises Go To Workers, Not Top Execs
WASHINGTON - Today,
the Service Employees International Union released a statement from
Secretary-Treasurer Anna Burger, on news that Citigroup is raising
salaries by as much as 50 percent for investment bankers and other top
executives, to accommodate for smaller annual bonuses. According to the
New York Times, “Legal and risk management employees,
as well as those in the credit card and consumer banking units, whose
pay is typically skewed toward salary, rather than bonuses, are
expected to receive smaller increases.”
Said Burger: “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
“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.”
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With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare and more secure jobs for our communities, while uniting their strength with their counterparts around the world to help ensure that workers—not just corporations and CEOs—benefit from today's global economy.