Citigroup Inc., under pressure from the Obama administration to reduce executive compensation, may try to persuade energy trader Andrew Hall to accept stock instead of cash in 2010 after paying him about $100 million last year, people familiar with the matter said.

Hall is unlikely to accept such an offer, because his pay is based on the performance of the Phibro LLC unit he heads, not the company's, making the sale of the business more likely as a way of placing him outside the government restrictions, the people said, declining to be identified because talks are still under way. Citigroup, which lost $27.7 billion in 2008, booked $667 million in profits from commodities trading that same year, primarily from Phibro.

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