Citi's Top 3 Collected $21.5M Last Year

NEW YORK - Citigroup Inc. paid its three top executives a total of $21.5 million in salary and bonus last year, according to materials filed Monday with the Securities and Exchange Commission.John S. Reed and Sanford I. Weill, who each hold the titles of chairman and co-chief executive, got more than $9.7 million apiece, including $1 million of salary and more than $8.7 million in bonus.

Mr. Reed, who announced he would retire from the company at its annual shareholder meeting in April, also received $93,075, mostly for the "required" use of company transportation. Mr. Weill got an additional $448,577, some of which was also for the use of company transportation.

Robert E. Rubin, a former Treasury Secretary who joined the company in October as a third member of the office of the chairman, got $2.06 million, including $183,333 of salary and $1.88 million in bonus.

- Liz Moyer

Citigroup Inc.'s Executive Compensation (YE 1999)
Name and Principal Positions Company Year Salary Bonus Other Compensation
John S. Reed - chairman and co-CEO Citigroup Inc., New York 1999 $1,000,000 $8,749,134 $93,075
1998 1,666,667 7,858,333 26,334
1997 1,500,000 2,500,000 42,019
Sanford I. Weill - chairman and co-CEO Citigroup Inc., New York 1999 $1,000,000 $8,732,474 $448,577
1998 1,025,000 6,167,816 237,253
1997 1,025,000 6,168,034 260,269
Robert E. Rubin - chairman of the
 executive committee and
 member of the office of the chairman
Citigroup Inc., New York 1999 $183,333 $1,881,976 -
Source: SEC filing. Mr. Rubin became an officer and director of Citigroup on October 26, 1999, his compensation is for the period from October 26, 1999 through December 31, 1999.

Top 2 Natwest Execs Leave as Royal Moves In

LONDON - National Westminster Bank PLC's top two executives, chairman Sir David Rowland and chief operating officer Ron Sandler, have departed as Royal Bank of Scotland Group PLC takes over Britain's third-largest bank.The decision was expected. Mr. Sandler, 48, said last month that he and Sir David, 66, would leave after Royal Bank's $38.5 billion hostile takeover bid won the support of Natwest shareholders. That occurred Feb. 14.

Royal Bank chairman Sir George Mathewson, 59, now runs the combined company with chief executive Fred Goodwin, 41. Sir George has said he will cut 18,000 jobs and sell some Natwest businesses, including Gartmore Investment Management, to boost profits.

- Bloomberg News

Bankruptcies Said to Fall 8.5% Last Year

ALEXANDRIA, Va. - The number of consumer bankruptcy filings declined 8.5% in 1999, to just more than 1.3 million, the first drop in four years, the American Bankruptcy Institute reported Monday.The total number of filings for the fourth quarter of 1999 was 318,634, down 1.5% from the third quarter of 1999 and nearly 10% from the same period of 1998.

Chapter 7 filings - those in which consumers are not responsible for paying back their debt - accounted for the vast majority of filings. In 1999, chapter 7 filings declined 10.5%, to 927,074, and chapter 13 filings - those in which consumers are required to pay back a portion of their debt - declined 3.9%, to 382,214. Business bankruptcies also declined, dropping 14.6% in 1999, to 37,884. - Lisa Fickenscher

Tower Group Founder Hands Off CEO Job

NEEDHAM, Mass. - Tower Group announced Monday that Diogo Teixeira has stepped down as chief executive officer of the bank technology research and consulting firm that he founded in 1993.Mark Sievewright, president of the Tampa research firm PSI Global, has been named Tower Group's new CEO. Mr. Sievewright joined PSI in 1995 from Europay International. Earlier he worked at Midland Bank in London.

The transition followed Tower Group selling an 84% stake to Reuters, the news service, in a private deal last fall. Mr. Teixeira will remain with Tower as an executive director, a position that will allow him to devote more time to research and analysis.

- Steven Marjanovic

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