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Citigroup to Cut Bonuses for Top Executives After U.S. Reprimand

Jan. 20, 2021, 7:56 PM

Citigroup Inc. will reduce bonuses for dozens of its top executives after the bank was reprimanded by regulators last year.

The reductions may vary widely, depending on the size and structure of each executive’s pay package, a person with knowledge of the matter said. Executives who report directly to the management committee are being told this month of the decisions. Citigroup’s board is still weighing final compensation decisions for the 15-member executive management team, including Chief Executive Officer Michael Corbat.

A spokeswoman for Citigroup declined to comment.

Michael Corbat
Photographer: Andrew Harrer/Bloomberg

The move is another sign of the efforts Citigroup is making ...