Look Who Is Cutting Bonuses by 20% Now

Yes folks...Citigroup, the third-largest U.S. bank, cut bonuses in its investment-banking division by about 10 percent to 20 percent globally after a revenue slump, according to people with knowledge of the matter.

Bonuses in the Asian and European divisions were down about 20 percent on average and the U.S., its largest market, saw cuts of about 10 percent, one person said, declining to be named as the details aren’t public. Staff were informed of their bonus numbers yesterday, two people said.

Bankers up to the vice-president level were paid unchanged or higher bonuses while senior bankers saw their bonus pools drop, one person said, asking not to be named because the details aren’t public. Top performers were likely to be spared bonus cuts, people familiar with the matter told Bloomberg.

Learn more at http://www.bloomberg.com/news/2013-01-18/citigroup-said-to-cut-investment-bankers-bonuses-by-20-.html