SEIU TO CITIGROUP: ENSURE RAISES GO TO WORKERS, NOT TOP EXECS

Washington, DC—Today, the Service Employees International Union
released a statement from Secretary-Treasurer Anna Burger, on news
that Citigroup is raising salaries by as much as 50 percent for
investment bankers and other top executives, to accommodate for
smaller annual bonuses. According to the New York Times, “Legal and
risk management employees, as well as those in the credit card and
consumer banking units, whose pay is typically skewed toward salary,

rather than bonuses, are expected to receive smaller increases.”

Said Burger:  “Color us skeptical, but not surprised: The top dogs at
a company who took three taxpayer-funded bailout packages worth $45
billion, while wrecking the economy and keeping the bulk of its
employees at near-poverty levels, have decided to reward themselves
once more. Unfortunately, not all raises are created equal.

“Citigroup needs to commit to give any new raises to front-line bank
employees, who struggle just to make ends meet while dealing with the
rising costs of healthcare, not top executives who have contributed to
this mess.

“America’s big banks stand out as a startling example of an era of
corporate excess that needs to come to an end if we’re going to
rebuild an economy with strength that can last. By passing the
Employee Free Choice Act, we can begin to build an economy that
doesn’t just work for people in the top floor executive suites.”

With 2 million members in Canada, the United States and Puerto Rico,
SEIU is the fastest-growing union in the Americas. Focused on uniting
workers in healthcare, public services and property services, SEIU
members are winning better wages, healthcare and more secure jobs for
our communities, while uniting their strength with their counterparts
around the world to help ensure that workers—not just corporations and
CEOs—benefit from today’s global economy.

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