Citi cuts top bankers’ bonuses tied to turnaround drive

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Citigroup reduced the rewards of 250 senior employees under the program to link their salaries to a transformation effort aimed at strengthening shareholders ’returns and stabilizing the shortcomings in compliance with the American Bank.

The alleged CITI’s alleged transformation program was shown three years ago to motivate senior employees to enhance the group’s financial performance, improve risk systems and control the following order by organizers to take action after a fatal error in which $ 900 million is made by accidentally for a group of hedge funds.

CITI paid 53 percent of the target amount for the qualified employees of the program in 2024, its third and last year, according to the bank’s article on Tuesday. This fell from 94 percent in 2022 and 80 percent in 2023.

The 2024 batches were strengthened by raising a level linked to the total shareholders ’revenues over the life of the reward program, which took the total” bonus “of the year to 68 percent.

City said that the criteria of the amount paid included the delivery of the goals set by the bank audit team and “time implementation” for the treatment plan that was set in response to the approval agreed by the lender and federal reserve in 2020.

The bank’s compensation committee does not expect to continue the rewards program, according to the submission of the deposit on Tuesday.

In a sign of CITI continuous operational problems, the bank was fined $ 136 million in September by American organizers for their failure to correct long -term problems in risk control and data management. It is also due to the customer’s account with an amount of 81 Train last year when it meant only sending $ 280 – a mistake that was reflected after 90 minutes and classified by the bank as “Miss Qree.”

The salaries of CEO, Jane Fraser, increased by 33 percent to $ 34.5 million in 2024. It was not eligible to obtain a transformation reward, which was open to about 250 senior employees. The salary of the president of Finance, Mark Mason, increased by 13 percent to $ 15.1 million.

Fraser sought to face the operational challenges and long -term profitability of Citi through a major reorganization of the bank, the demobilization of thousands of employees and the creation of many prominent employees including Vis Raghavan, the head of the banks.

Raghavan, who joined JPMorgan Chase last year and started only in June, was paid $ 22.6 million by the new employer in 2024, giving him the second highest wage among the executives whose salaries were disclosed in files on Tuesday.

City’s profits increased by 37 percent last year to $ 12.7 billion. But the bank’s return to the concrete joint property rights, which is a major scale for profitability, was only 7 percent, less than 2026, which is 10 percent to 11 percent and behind their peers like JPMorgan.