(Reuters) - Citigroup Inc (C.N) plans to keep its bonus pool for traders and bankers unchanged from last year, Bloomberg reported, citing people familiar with the matter.
The bank has informed senior managers about its decision, but it may still change the decision depending on market performance in December, Bloomberg said. (bloom.bg/1NmLqI7)
Reuters could not immediately reach Citigroup for a comment outside regular business hours.
Citigroup’s decision comes at a time when U.S. regulators are set to finalize rules for bankers’ bonuses.
JPMorgan Chase & Co (JPM.N) is also planning to leave its bonus pool unchanged.
But other U.S. banks like Goldman Sachs (GS.N) have announced plans to reduce their bonus compensation from last year by as much as 16 percent, as trading revenue plunges.
European bankers too face a cut in bonuses as the industry struggles with lower trading revenues. Bonuses in Britain’s finance industry fell 10 percent to 13.6 billion pounds ($20.49 billion), figures from Britain’s Office for National Statistics showed.
Deutsche Bank (DBKGn.DE) Chief Executive John Cryan said last month that bankers, even after the financial crisis, are still paid too much and that he is in favor of claw-backs.
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Reporting by Parikshit Mishra in Bengaluru; Editing by Gopakumar Warrier