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Citi Cuts Bonuses 20%
January 18, 2013
[ by Howard Haykin ]
Citigroup Inc., 3rd-largest U.S. bank, cut bonuses in its investment-banking division by 10% to 20% globally after a revenue slump, according to people in the know. The Asian and European divisions saw average bonus cuts of 20%, while the U.S. division incurred cuts of about 10%. The staff were informed of their bonus numbers Thursday.
The Breakdown. The numbers vary by position and function.
- Bankers up to Vice President get either the same bonus as last year or get a higher bonus.
- Most senior bankers will take cuts in bonus - except for top performers, who likely were spared the cuts.
- Equities trading bonuses were down by about 10%.
- Fixed income bonuses ranged from 10% higher to 10% lower.
For further details, go to: [Bloomberg, 1/18/13].
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