Citi paid its average London investment bank MD $1.5m last year. Three people there got $11m+
Last time we looked at pay for material risk takers (MRTs) across banks in London, Citi was paying less than rivals. The US bank appears to have made some amends. A newly filed Pillar 3 report shows that last year Citi paid its MRTs an average of $1.5m each. This was equivalent to MRT pay at both Morgan Stanley and JPMorgan.
MRTs are typically managing directors (MDs) and other senior staff with risk-taking responsibilities. MRTs and MDs are largely synonymous.
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The two charts below show Citi's total spending on MRT pay and average salaries and bonuses for its London MRTs in both 2024 and 2025. After the bonus cap was lifted, Citi increased average bonuses by 24% and average salaries by only 4%.
Some people at Citi were luckier than others. A separate chart in the bank's pillar 3 report shows that three people were paid over €10m ($11.4m) last year. This was on par with previous years. However, 22 people at Citi in London were paid €3-3.5m, up from between seven and nine people in previous years.
It's not clear who received these riches but Fater Belbachir, Citi's global head of equities is based in London. So too, historically, was Citi's head of global markets Andy Morton.
Some Citi traders are likely to have fared better than others last year. The bank's pillar 3 report shows risk weighted assets assigned to both FX and commodities falling dramatically last year (based on standardised valuations), while RWAs assigned to rates, securitised products and a "scenario approach," rose.
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