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Citi’s Bonuses for Fraser’s Deputies Irk Longtime Critic Mayo

Oct. 12, 2021, 9:00 AM

A little-noticed change to Citigroup Inc.’s rewards for top executives has set off one of the bank’s most prominent detractors.

Three of Chief Executive Officer Jane Fraser’s lieutenants are eligible for as much as $5 million in bonuses apiece if the bank’s stock hits targets in coming years and they meet goals for carrying out a “transformation program” by overhauling internal controls and risk oversight. The rewards, disclosed in a regulatory filing two months ago, are now drawing fresh criticism from Mike Mayo, an analyst at Wells Fargo & Co. and a longtime Citigroup critic.

His issue: ...

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