Citigroup Staff To Get Bigger Bonuses

The financial performance of Citigroup of late has been impressive. Let's look at some of the stats.

The business generated $15.3bn in net revenues last year, more than any other company in the world. It has a stock market value of $249bn and manages assets of around $1.2 trillion. No other financial company comes close. The group has posted net revenues of over $4bn in each of the last three quarters.

Figures for the third quarter were released this week and profit surged 27% to a record $4.7bn. Citigroup earned more money in the third quarter than in any other quarter in its history. Chairman Sandy Weill confirmed that 'all our businesses made solid progress'.

Citigroup's global consumer business posted net revenues up 14% at $2.52bn. Corporate and investment banking profit rose 31% to $1.37bn, although bond revenues again supported a weaker performance from M&A. Investment management saw profit gains of 17% in the period, coming in at $367m.

And it seems that the staff, too, will share in the company's success. The New York Daily News reports that Citigroup's chief financial officer, Todd Thompson, has confirmed that the bank has sent aside more cash for bonuses this year. The smart money is on the bonus pool being around 15% up on last year.

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