The price of a departing rainmaker

We should all leave on these terms. Michael Klein, who resigned as head of Citi's investment banking division, will receive more than $42 million in cash and stock in severance. The Financial Times calls it "one of the largest sums paid to a departing banker who was not a chief executive since the beginning of the credit crunch...more than that received by his former boss, Chuck Prince." Compensation experts told the FT Klein met "the rule of 60": when the sum of an executive's age and their years of service exceeds 60, he or she is entitled to most of their accrued benefits. Klein, 44, had a 23-year career at Citi. He is prevented from joining 12 rivals of Citigroup, but he is free to join a private equity firm. He also agreed not to poach employees and clients from Citigroup. The payout reflects all that.  

For more:
- here's the FT article

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