Would be interesting to know what the median salary was. A couple executives could skew that average drastically.
Going from the title, one person paid $100M would only move the needle by $14K
How many is a couple and how much would they have to make to skew that average drastically? I did a few napkin calculations and it would take a lot of hilariously highly paid executives to matter for the average.
"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's taxes."
Title is incorrect. If they cost Citi $214k each, I'd eyeball they were being paid around $150k.
And it doesn't mention expenses for travel etc. which would not even be considered part of an employee's compensation.
This title is incorrect. Citi says cutting these 7k jobs is saving them $214k/year/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.