'Flat is the new up'.
Bloomberg News reports that Citigroup told senior managers Tuesday about the compensation figures, which may yet change depending on how markets perform in the year’s final month, said the person, who asked not to be identified discussing the deliberations.
Heads of trading desks will get a chance to push for more pay in talks during coming weeks, the person said. Rank-and-file employees won’t learn what they’ll get until after December’s holidays.
Bloomberg previously reported that JPMorgan, the world’s biggest investment bank by revenue, is leaving its bonus pool roughly unchanged from 2014, adding to pressure on weakened rivals, according to people with knowledge of the plan.
The bank told top managers about its initial decision this month as desks prepare for year-end pay discussions with employees, said the people, asking not to be identified talking about personnel matters.