Citi's 7k laid off staff were paid an average of $214k each

Would be interesting to know what the median salary was. A couple executives could skew that average drastically.

&quot;Citi CFO Mark Mason said today that the bank expects to make annualized run rate savings of $1.5bn a year from those 7,000 job cuts. This means the bank was spending an average of no more than $214k on each of those people, including employer&#x27;s taxes.&quot;<p>Title is incorrect. If they <i>cost</i> Citi $214k each, I&#x27;d eyeball they were being paid around $150k.

This title is incorrect. Citi says cutting these 7k jobs is saving them $214k&#x2F;year&#x2F;person in costs, but not all of that cost is salary. There’s also employee benefits, services, office space, etc. I’d guess the average salary is about 60-70% of that. And as others have noted firing a few outsized earners will skew the pool.