Citigroup awards special retention bonuses for dozens, Bloomberg News reports
10:38 am Monday, November 25th, 2024
(Reuters) -Citigroup’s wealth unit has greenlit special retention bonuses for dozens of personnel this year as the Wall Street giant looks to prevent more bankers from leaving, Bloomberg News reported on Monday.
Andy Sieg, who was hired last year by the lender, said the recent results are starting to take hold, the report said, citing an interview.
Citi’s wealth unit posted a revenue of $2.0 billion for the third quarter ended in Sept. 30, an increase of 9% from a year ago.
This comes as the bank under CEO Jane Fraser carries out an extensive reorganization in an effort to improve the bank’s performance, reduce costs and streamline operations.
Sieg reshuffled leaderships and reiterated financial targets earlier in the year in a bid to turn around the lackluster performance in the wealth arm.
Citi’s wealth business has failed to surpass its main banking rivals since the aftermath of the 2008 financial crisis, the Bloomberg report said.
Shares of Citigroup, which were up 1% in early trading, have risen nearly 36% in 2024.
(Reporting by Arasu Kannagi Basil and Pritam Biswas in Bengaluru; Editing by Arun Koyyur)
