Citi reduces the higher bankers associated with Turnaround Drive

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Citigroup cut bonuses for 250 best employees under the program that linked their wages to defense efforts aimed at raising shareholders’ profits and fixing deficiencies in accordance with the US Bank.

The so -called Citi transformation Bonus program was introduced three years ago to stimulate senior staff to enhance financial indicators and improve their risk and control systems after an order by regulators To take measures after a high-profile mistake in which she accidentally carried $ 900 million per hedge fund.

Qi 53 percent of the target amount were paid to employees who are entitled to the 2024 program, its third and last year, according to the bank’s statements on Tuesday. This decreased from 94 percent in 2022 and 80 percent in 2023.

The payment of 2024 was backed up by the rise related to the total profitability of shareholders for the life of the bonus program, which took the total “bonus for transformation” for the year to 68 percent.

The criteria for the amount of payments included delivery to the targets set by the Bank’s auditing group and the “timely implementation” of the restoration plan, compiled to the consent order, agreed by the lender and the federal reserve system in 2020, Citi said.

The Bank’s compensation committee does not expect to continue the bonus program, the application said Tuesday.

As a sign of permanent prompt questions of Citi Bank was fined for $ 136 million In September, the US regulators for non -compliance with the long -standing problems in the risk control and the data management. He also attributed to customer account with $ 81tn Last year, when it meant to send only $ 280 – an error that was canceled after 90 minutes and classified by the bank as a “close Miss”.

In 2024, the salary of Chief Executive Director Jane Fraser increased by 33 percent to $ 34.5 million. She did not have the right to a bonus for the transformation, which opened about 250 best employees. Mark Mason’s finance chief increased by 13 percent to $ 15.1 million.

Fraser sought to solve the long -standing CITI’s long -standing and profitability with the dramatic reorganization of the bank, postponing thousands of employees and making several high -profile hires, including, including Vis RaghavanHead of banking.

Ragan, who joined the JPMorgan Chase last year and started working only in June, was paid $ 22.6 million to its new employers in 2024, giving him the second largest salary among the executives whose salary was disclosed on Tuesday.

Citi’s profits rose by 37 percent last year to $ 12.7 billion. But the return of the bank from the financial capital, the key profit measure, amounted to only 7 percent, which lacked its goal in 2026 to 10 percent to 11 percent and far behind by peers such as JPMorgan.