Liked last year's bonus? Thought it was pretty good but maybe just a slight bit too generous? You'll love what's coming your way this year.
Citigroup's bonuses for investment bankers and traders probably will be little changed or drop from last year as the third-largest U.S. lender seeks to reduce costs, according to a person briefed on the policies. Investment bankers could receive payouts that are close to flat compared with 2012, while traders and salespeople could get cuts of 2 percent, said the person, who asked for anonymity to discuss confidential pay plans. While revenue in the securities and banking unit rose 6 percent through the first nine months, the bonuses probably won’t rise because people will earn 5 percent to 10 percent less than they would have a year ago for the same amount of production, said another person with direct knowledge of the New York-based bank’s policies.