Citigroup reduces bonuses paid in 2024 for regulatory fixes
In 2024 the committee paid 68 per cent of the maximum bonus amount, which was not disclosed by the bank, lower than in the previous two years
Citigroup paid top executives smaller bonuses last year tied to results of the bank’s turnaround and risk management fixes required by regulators, the bank’s proxy filing on Tuesday showed.
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The bonuses went to executive management committee members and 250 senior managers considered critical to execute changes required in 2020 by the Federal Reserve and the Office of the Comptroller of the Currency, the filing said. The group excludes CEO Jane Fraser.
In 2024 the committee paid 68 per cent of the maximum bonus amount, which was not disclosed by the bank, lower than in the previous two years.
The percentage of completion of the milestones last year was 53 per cent, below the 80 per cent achieved in 2023 and the 94 per cent rate achieved in 2022. The bank paid 68 per cent in the third tranche because it added the total shareholder return of 15 per cent in the three-year period.
