Citi overhauls pay for wealth bankers, FT reports

Citi (C) is overhauling pay for its private bankers to try to increase sales of investment products and revamp how the group’s struggling wealth division interacts with clients, the Financial Times’ Joshua Franklin and Stephen Gandel report, citing an internal memo. The change will shift the way the company issues year-end bonuses with more of the rewards going to bankers who move their clients’ assets into investment accounts and less to those who sell new loans.