Thomson, Citigroup reach settlement

Former head of wealth management said to lose favor with CEO Chuck Prince over big spending, events with CNBC's Maria Bartiromo, report says.

April 11 2007: 9:52 AM EDT

NEW YORK (CNNMoney.com) -- Citigroup's former head of wealth management Todd Thomson has settled with the bank following his dismissal in January for lavish spending habits that included high-profile events involving CNBC's Maria Bartiromo, according to a report published Wednesday.

The negotiations centered on the size of Thomson's exit package, as well as restrictions on his ability to hire away Citigroup (down $0.26 to $52.14, Charts) staff, according to the Financial Times.

Thomson, who was once seen as a successor to CEO Chuck Prince, is said to have fallen out of favor with Prince over spending. The company, which competes with Bank of America (down $0.05 to $51.02, Charts), Wachovia (down $0.13 to $54.09, Charts) and Wells Fargo (up $0.04 to $34.45, Charts), has been criticized for its high expenses, the newspaper reported.

Citigroup announced 17,000 layoffs Wednesday. Prince has been under pressure to cut spending by the bank to increase its stock value, the Financial Times reported.

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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.
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