Citi seeking OK to award bonuses - report

Financial giant is seeking approval from Treasury to pay out special bonuses to retain employees, Wall Street Journal says.

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April 29, 2009: 4:17 AM ET

LONDON (CNNMoney.com) -- Citigroup is seeking U.S. government approval to award special bonuses to several of its key employees, the Wall Street Journal reported Wednesday.

The bank wants to use the bonuses to retain staff and raise morale among employees, the newspaper said, citing people familiar with the matter.

The report said that Citigroup (C, Fortune 500) CEO Vikram Pandit pushed for stock-based bonuses at a meeting with Treasury Secretary Timothy Geithner earlier this month.

Taxpayers have lashed out at bonuses paid out to employees of bailed out financial institutions. Bonuses at American International Group (AIG, Fortune 500) and Merrill Lynch (MER) incited rage and created a storm in Washington.  To top of page

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