Bull Bear Report Jul 15 2011

Citigroup Hires More, Pays More

By julie steinberg

Citigroup, which in recent years struggled with losses and barely survived the financial crisis, has been adding workers to headcount and setting aside more money to pay them.

The firm brought on 3,000 employees across all of its business lines during the second quarter, the firm announced today in its quarterly earnings statement. Citigroup now employs 263,000 people, a 1.2% increase from the 260,000 it employed at the end of the first quarter.

For the first six months of 2011, the firm has put aside $49,726 in compensation per person, up 6% from $46,806 in the year earlier period.

The bank reported earnings of $1.09 a share, beating analyst expectations of $0.96 a share. Revenues fell 7% from the year earlier period to $20.6 billion. The bank experienced increased loan growth in its retail banking unit, which increased end-of-period loans 21% from last year, while real estate and commercial lending were up 22% and 25%, respectively. Consumer banking revenue increased 12% outside North America, a reflection of Citi's dependence on international businesses to contribute to the bottom line.

Write to Julie Steinberg

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