Citi said planning flat or smaller bonuses

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Bonuses here little changed, or a drop.

Citigroup's bonuses for investment bankers and traders probably will be little changed or drop from last year as the firm seeks to reduce costs, a person briefed on the policies said.

Bloomberg News reports that investment bankers could receive payouts that are close to flat compared with 2012, while traders and salespeople could get cuts of 2%, according to the person, who asked for anonymity to discuss confidential pay plans.

While revenue in the securities and banking unit rose 6% through the first nine months, the bonuses probably won’t rise as people will earn 5% to 10% less than they would have a year ago for the same amount of production, said another person with direct knowledge of the New York-based bank’s policies.

Citigroup’s individual bonuses will vary based in part on the results of the unit where each employee works, how revenue was generated and the riskiness of the activity, according to the two people.

Hit the link below to access the complete Bloomberg article:

Citigroup Said to Plan Flat or Smaller Bonuses

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