The pay raises and bonuses weren't just confined to the CEO position. Champagne bottles were uncorked directly in the eyes of investors by most of Citigroup's management team. CFO John Gerspach saw his pay rise 51%, and president John Havens enjoyed a 36% bump in his total compensation. All told, the top four executives at Citigroup took home $43 million in 2011 -- a 34% increase over 2010. What about Citigroup's employees, you might be wondering? They got a token 5% pay raise, while 4,500 others are in the process of receiving a pink slip. Nice, Mr. Pandit. Real nice. The pay raises are really a head-scratcher when you take into account that most Wall Street firms, by their own admission, were cutting back on bonuses and investment banker pay. Lloyd Blankfein and many Goldman Sachs ( NYS: GS ) executives managed to cut bonuses by 21% from 2010. At Credit Suisse ( NYS: CS ), senior investment bankers have seen their pay reduced by 30%.