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Citigroup has reduced bonuses for top executives in 2024, reflecting the bank's ongoing turnaround and regulatory compliance efforts. The executive management committee received 68% of the maximum bonus, down from previous years, as milestone completion fell to 53%. This adjustment follows requirements set by regulators in 2020.
Citigroup Inc. reduced special executive bonuses for top managers in its three-year Transformation Bonus Program, paying out 68% of the target for 2024, down from 94% in 2022 and 80% in 2023. This program aimed to align compensation with improvements in risk management and regulatory compliance, amid ongoing scrutiny of the bank's back-office operations. CEO Jane Fraser received a 33% pay increase to $34.5 million for 2024 but was not eligible for the transformation bonus.
Citigroup CEO Jane Fraser is gaining recognition for her hybrid work model, allowing employees to work remotely at least two days a week, contrasting with strict return-to-office policies at other financial institutions. This approach is seen as a competitive advantage, particularly for attracting and retaining talented working mothers who juggle family and work responsibilities. Fraser's leadership reflects a commitment to workplace flexibility, which is increasingly vital as more women with young children enter the workforce.
UBS CEO Sergio Ermotti earned CHF 14.9 million in 2024, slightly more than the previous year, but significantly less than his American counterparts, who command salaries up to $39 million. While Ermotti's daily earnings surpass the Swiss median salary, European bank CEOs generally earn much less than their U.S. peers, highlighting a stark contrast in compensation within the banking sector.
Berkshire Hathaway significantly reduced its stake in Citigroup, selling 73% in the fourth quarter of 2024, despite the bank's improvements and attractive valuation. Citigroup's tangible book value has grown, and its stock remains cheap compared to peers, raising questions about Buffett's decision amid a potentially overvalued market. The bank's management has streamlined operations, freeing up capital for modernization and stock repurchases.
Citigroup mistakenly credited a customer $81 trillion instead of $280, an error caught 90 minutes later and reversed after several hours. The incident, categorized as a "near miss," was reported to regulatory authorities, highlighting ongoing challenges in the bank's risk management despite previous high-profile transfer issues.
Santander is contemplating the future of its UK operations amid high costs and slow growth, but exiting the market could prove complex due to regulatory requirements and the challenges of disentangling from its integrated systems. Finding a buyer poses additional hurdles, especially given concerns over market concentration. With its share price down 30% since 2014, any decision to divest will require careful consideration and may not yield quick results.
Citi CEO Jane Fraser anticipates that banks will benefit from a potential easing of banking regulations under President-elect Donald Trump. She expects that the proposed Basel III Endgame capital requirements will be relaxed, with any increases likely to be lower than the previously planned 9%.
Wall Street CEOs gathered in Riyadh for the Future Investment Initiative, expressing optimism about the US economy while voicing concerns over sluggish growth in Europe. Notable figures such as Citigroup's Jane Fraser and BlackRock's Larry Fink highlighted the resilience of the US market amidst global uncertainties.
Citigroup's stock fell 5% following its third-quarter earnings announcement, despite beating expectations and showing revenue growth across all divisions. CEO Jane Fraser faced scrutiny during the earnings call regarding potential new asset-cap restraints, which she later clarified do not exist. This confusion, coupled with regulatory concerns raised by Senator Elizabeth Warren, has heightened investor anxiety about the bank's compliance and transformation efforts.
Jane Fraser
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