Citi eyeing bonus cuts for top execs following 2020 penalty – Bloomberg

Citigroup Inc. will cut its high-ranking executives' bonuses after regulators went after the bank in 2020 for "longstanding deficiencies," Bloomberg News reported Jan. 20, citing a person with knowledge of the matter.

The pay cuts may differ for each executive, depending on their pay package, and the company's board is still finalizing the compensation for the executive management team, which includes CEO Michael Corbat, according to the report.

Citi had earmarked $1 billion for infrastructure and controls improvement following its mistake in releasing $900 million to creditors of Revlon Inc. Incoming CEO Jane Fraser recently said that the bank's transformation effort and a "dispassionate" review of Citi's strategy and businesses are her top priorities.

A spokeswoman for the company declined to comment, according to the report.