Citigroup’s got (half of) your (total compensation’s) cold hard cash right here.
Citigroup is set to pay most of its investment bankers in Europe at least half of their bonuses in cash this year, underlining how US banks continue to be much more generous than their European rivals. The news is likely to revive a debate over European banks’ loss of competitiveness after they have been hit by much stricter rules on pay and a tougher economic environment than their US counterparts…At Citi’s Europe, Middle East and Africa unit, its top rewarded bankers – getting bonuses of $5m or more – will be paid 40 per cent in cash for their 2013 performance, according to an internal document obtained by the Financial Times. Bankers in line for up to $3.999m will be paid 60 per cent upfront and anyone with a bonus of up to $499,000 will get three-quarters in immediate cash. Bonuses of up to $100,000 will be cash only.