At Citi: suspicions that non-front office bonuses were raided

As the dust settles on Citi bonuses, it's becoming apparent that things may not have been as straightforward there as initial reports suggested. 

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In some areas of the bank, bonuses seem to have increased. Financial News says the bonus pool for "dealmakers" in Citi's investment bank was up by 10% this year. Citi's credit traders seem to have been paid OK, even while rates traders were down around 10% and FX traders were flat. Citi's equity derivatives traders seem to have thrived, particularly those close to equities head Fater Belbachir. 

In the middle and back office at Citi, though, there are tales of woe. Paltry bonuses seem not to have been uncommon. Salaries seem to have been held steady. "My bonus was $1.8k with no salary increase," says one Citi insider, speaking off the record. "This is even though I had good reviews and even though I saved Citi around $15m in 2024. I'm looking for a new job."

Citi declined to comment on the allocation or size of its bonus pool, or on salary increases.

Complaints about bonuses for non-revenue generators come as the bank embarks upon another 10,000 job cuts. Citi said last year that these cuts would come from reducing technology and operations staff. Speaking last week, CEO Jane Fraser said the bank has been cutting "unproductive spend" and that it will continue to "to reduce stranded costs, drive efficiencies across the businesses." 

In the next breath, though, Fraser said Citi is "on a path of systematically growing" its wallet in investment banking, which implies that revenue generators need to be kept happy. Even among revenue generators, though, Citi seems to have failed in some areas: "The business was up 40-50% last year, but compensation was up by single digits," complains one insider. 

This may not do much to salve the angst of middle and back office Citi people who feel they've been dealt with unfairly. Commenting on our previous article, one Citi insider said he'd worked 12-hour days after team members had left, but had received almost no bonus even though managers assured him he'd be looked after on compensation day.

Another Citi insider told us she felt her efforts last year weren't recommended at all. "Some middle office employees received 2% of their salary as a bonus last year. Citi is a bad place to be in a middle office job," she reflected. 

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