NEW YORK, Aug 2 (Reuters) - Andrew Hall, the trader behind Phibro LLC, the energy trading arm of beleaguered bank Citigroup, is quietly pushing for a 'quiet divorce' from his parent company and has had preliminary talks with one possible suitor, The New York Times reported on Sunday.
Phibro, has been in the spotlight after the White House criticized a reported $100 million pay plan for Hall as 'out of whack.'
It has previously been reported that Hall, a trader known for huge long-term bets in the oil market, has been pressing Citi to honor the 2009 pay package.
The secretive Phibro unit, based in Connecticut, can sometimes provide the bulk of revenues for its parent company, which has taken a $45 billion federal bailout and is expected this week to give the government a 34 percent equity stake.
Citigroup is trying to balance its desire to retain its top energy trader against the government's drive to crack down on excessive compensation on Wall Street.
Spokespeople for Citigroup and Phibro were not immediately available for comment.
(Reporting by Yinka Adegoke; Editing by Leslie Adler)
((e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) Keywords: CITI PHIBRO/ (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Phibro, has been in the spotlight after the White House criticized a reported $100 million pay plan for Hall as 'out of whack.'
It has previously been reported that Hall, a trader known for huge long-term bets in the oil market, has been pressing Citi to honor the 2009 pay package.
The secretive Phibro unit, based in Connecticut, can sometimes provide the bulk of revenues for its parent company, which has taken a $45 billion federal bailout and is expected this week to give the government a 34 percent equity stake.
Citigroup is trying to balance its desire to retain its top energy trader against the government's drive to crack down on excessive compensation on Wall Street.
Spokespeople for Citigroup and Phibro were not immediately available for comment.
(Reporting by Yinka Adegoke; Editing by Leslie Adler)
((e-mail:yinka.adegoke@thomsonreuters.com Reuters Messaging: Yinka.adegoke.reuters.com@reuters.net; +1 646 223 6081)) Keywords: CITI PHIBRO/ (Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.