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Citigroup has reduced bonuses for 250 high -level employees as part of a program that has equaled their salary to a recovery effort to stimulate shareholder yields and repair compliance gaps at the American bank.
The Citi de Citi de Citi transformation program was set up three years ago to encourage senior executives to stimulate the group’s financial performance and improve risk and control systems following an order by regulators to act after a large -scale error in which he accidentally cabled $ 900 million to a group of Hedge Funds.
Citi paid 53% of the target amount of employees eligible for the program in 2024, his third and last year, according to documents deposited by the bank. This was down 94% in 2022 and 80% in 2023.
The payment of 2024 was strengthened by an uprising linked to the total shareholders’ yields during the lifespan of the bonus program, which took the total “processing bonus” for the year at 68%.
The payment amount criteria included delivery on the targets set by the bank’s audit team and “timely execution” of a repair plan established in response to a consent order agreed by the lender and the federal reserve in 2020, Citi said.
The bank’s remuneration committee does not expect to continue the bonus program, according to Tuesday’s file.
In a sign of operational problems in Citi, the bank was sentenced to a fine of $ 136 million in September by American regulators for having failed to correct the long -standing problems of risk control and data management. He also credited the account of a customer with 81 TN last year when he meant sending only $ 280 – an error that was reversed 90 minutes later and classified by the bank as a “chewed mass”.
The salary of the director general Jane Fraser increased from $ 33% to $ 34.5 million in 2024. It was not eligible for the processing bonus, which was open to around 250 employees. The salary of finance chief Mark Mason increased by $ 13% to $ 15.1 million.
Fraser has sought to take up the operational and profitability challenges of Citi of Citi with a spectacular reorganization of the bank, linking thousands of employees and by making several large -scale hires, notably Vis Raghavan, head of banking services.
Raghavan, who joined Jpmorgan Chase last year and only started working in June, was paid at 22.6 million dollars by his new employer in 2024, giving him the second highest salary among the leaders whose salary was disclosed in Tuesday.
Citi’s profits increased by 37% last year to $ 12.7 billion. But the return of the bank on tangible equity, a key measure of profitability, was only 7%, unless its target of 2026 from 10% to 11% and well behind peers such as JPMorgan.
