Citigroup traders will be spared the full pinch of this year’s market slump, while investment bankers won’t get bonus boosts as big as their surge in dealmaking.
Bloomberg News reports that the year-end bonus pool for the bank’s trading business will be unchanged from 2013, according to a person briefed on the matter, even though revenue has been sliding. The investment-banking division will increase rewards by 2% to 3%, short of its jump in revenue, the person said.
Some bankers may see increases of as much as 5%, said the person, who asked not to be identified because the information hasn’t been disclosed publicly. Some traders may yet see cuts as payouts vary among desks focusing on different products, said another person. Investment-banking revenue rose 11% during the first nine months of 2014, while trading revenue slumped 9%, compared with a year earlier.
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