Tags: citigroup | retention | bonus

Citigroup Awards Special Retention Bonuses for Dozens

Citigroup Awards Special Retention Bonuses for Dozens
(AP)

Monday, 25 November 2024 09:51 AM EST

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 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.

© 2025 Thomson/Reuters. All rights reserved.


StreetTalk
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 Monday.
citigroup, retention, bonus
170
2024-51-25
Monday, 25 November 2024 09:51 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Newsmax2 Live
 
On Now:6:00a ET • CENSORED! Losing Our First Freedoms
Coming Up:7:00a ET • First Edition
Get Newsmax Text Alerts

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© 2025 Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved