Citi (C) has cut the bonuses of 250 of its top employees under a program that tied their pay to a turnaround effort aimed at boosting shareholder return and fixing compliance shortcomings, Joshua Franklin of The Financial Times reports. The company’s transformation bonus program was set up three years ago to incentivize senior staff to boost the group’s financial performance and improve its risk and control systems. Citi paid out 53% of the target amount to employees eligible for the program in 2024, which was down from 94% in 2022 and 80% in 2023, Reuters said, citing the company’s filings.
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