Citi Slashes Executive Bonuses Tied to Bank’s Turnaround (1)

Citigroup Inc. cut payouts to hundreds of top executives in the final round of a three-year special bonus program that tied their compensation to the bank’s progress on risk and regulatory matters.

In the third annual installment, the “Transformation Bonus Program” paid out 68% of the target for 2024 to about 250 senior employees, according to a proxy filing Tuesday. That compares with 94% for 2022 and 80% the following year.

The payouts were designed to tie top managers’ compensation to Citigroup’s progress on improving risk and controls. The program was intended to link pay with meeting regulator’s demands, milestones ...