Citi won't be announcing bonuses this week after all
If you're sitting at Citi, expecting your bonus to be announced tomorrow, then bad luck. It's not happening after all. However, you won't have to wait too long - instead of the 12th, Citi bonuses are now being announced on the 16th, although there may be some variation by market.
Multiple sources at the bank say they've been informed that bonus announcements are being delayed until next week. The expectation was that they would be announced tomorrow, alongside fourth quarter results.
This follows the revelation last night that Citi has set aside $1.3bn to cover currency risks relating to Argentina and risks relating to Russia. We were first to highlight the Argentina issue here yesterday morning.
Citi has also set aside $780m to cover restructuring costs as it takes out layers of management and strives for efficiency. It was last seen offering voluntary redundancy to senior people in mid-December. Further cuts are thought to be coming later this month and in February.
Citi declined to comment.
In a message to Citi staff seen by eFinancialCareers, CFO Mark Mason said the latest charges meant the bank had recast its financial results from the third quarter of 2021 to the fourth quarter of 2023 and that he wanted to be transparent with employees ahead of the bank's results announcement tomorrow.
Morgan Stanley has begun announcing bonuses already, having started yesterday.
Citi is expected to pay bonuses at the end of this month.
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