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The Financial Times reports:

Citigroup has agreed severance terms with Todd Thomson, who was sacked as head of its wealth management arm in January, as the group prepares to announce a shake-up plan involving the loss of more than 15,000 jobs.

The agreement follows weeks of tough negotiations over the size of Mr Thomson's settlement and restrictions on poaching staff.

Mr Thomson said he was sacked without cause and the company has never publicly suggested otherwise. However, people familar with the situation said he was sacked partly for conspicuous spending including corporate sponsorship of events involving Maria Bartiromo, the CNBC correspondent.

One person familiar with Citigroup's negotiation said Mr Thomson "was paid for the time he worked for the company."

Mr Thomson, who previously served as Citigroup's chief financial officer and was once seen as a potential successor to Mr Prince, said on Tuesday night: "I am very pleased with the settlement, happy to close this chapter, and excited to move on to some new opportunities." Mr Thomson has set up an investment vehicle and has also received a number of approaches from other companies. Most of these have been from private equity firms, either to run portfolio companies or to join as a partner.

I was really hoping for the headline, "Thomson Looking for New Partner," but no such luck.

Posted by edelfenbein at April 11, 2007 10:54 AM