THE TRAVELERS MAN TAKES A PAY CUT

That Sanford I. Weill is a standup guy. He kept his 1998 salary the same as the previous year’s $9.5 million, despite putting together, with John S. Reed, the Travelers-Citicorp deal to create Citigroup. Still, there was that bad quarter, so he cut back on options, bonuses and the like so his total pay reached only $166.9 million, less than Steven Spielberg made and down $60 million or $70 million from last year’s haul.

Why, that could compensate only 1,200 to 1,400 of the thousands who are losing their jobs in the merger, assuming an average $50,000 pay package. Of course, the $166.9 million would pay only 3,300 or so of his jobless serfs.

His co-chief exec, Mr. Reed, did OK, sort of. He made almost as much as Shaquille O’Neal, with a base $9.5 million salary that more than doubled his pay at the bank. Of course he didn’t exercise any of his $88 million in options. You just can’t make any money in a bank.

Bird watch

Jon S. Corzine, his work as guide and leader of Goldman Sachs Group LP’s initial public offering about to be over, plans to step down as soon as it’s a done deal, which could be in May.

He took the rap when the southward-speeding market KOd the only big Wall Street partnership’s IPO last fall, resigning as co-CEO.

Goldman also named five members to its board of directors. They are sole CEO Henry M. Paulson Jr., vice chairman Robert J. Hurst, senior chairman John L. Weinberg and co-chief operating officers John A. Thain and John L. Thornton. Employees are advised not to not call them co-COOs if they want to keep their jobs. There’s no truth to the rumor that they join hands to pop out every hour and announce the time.

Hoop-de-do

Bond traders blamed the start of the National Collegiate Athletic Association basketball tourney for the 30% lower volume and much high volatility Thursday. As one trader said, “I’m watching the game, but I try to keep an eye on the market too.”

Another web woe

Charles Schwab Corp. may have to pony up more than $1 million to settle with some 300 investors who were unable to cancel orders for theglobe.com when it went public in November. Other brokers may be affected, too. The stock went from its IPO price of $9 to $97 before the day was out, sticking low-rollers who couldn’t get out in time.

What’s up, Alan?

Consumer sales hit a record $236 billion in January, up 0.09%, with retail sales up 1%.

Initial unemployment claims were up only 1,000 nationwide two weeks ago, reaching 289,000, the seventh week in a row the dole list was under 300,000. The last time that happened was 25 years ago.

Does this mean Alan Greenspan and the trolls of the Federal Open Market Committee will push up interest rates like a drawbridge when next they hold conclave?

Probably not, partly because the trade deficit grew $78.23 billion in 1998 to a record $233.45 billion.

Be careful, banks

The Fed, by the way, along with the Securities and Exchange Commission, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency and the Office of Thrift Supervision dropped a letter on the nation’s lenders warning them to keep their reserves for bad loans up. It’s deadbeats in unspecified foreign markets they’re worried about. Czarist bonds — or is it GKOs — anyone?

Novel approach

General Motors Corp. signed a letter of intent to build Opels in the plants of AvtoVaz, Russia’s No. 1 manufacturer. AvtoVaz builds the infamous Lada and the semi-deluxe Samara sedan. The literary omens aren’t good. John O’Hara’s “Appointment in Samarra” is about a date with death; wasn’t Albert Payson Terhune’s kids’ classic called something like “Lada, Dog?”