Citigroup reduced bonuses for top executives last year based on the bank's turnaround efforts and regulatory compliance improvements, as indicated in the bank's proxy filing on Tuesday. The bonuses were allocated to executive management committee members and 250 senior managers essential for implementing changes mandated by the Federal Reserve and the Office of the Comptroller of the Currency in 2020, excluding CEO Jane Fraser.

In 2024, the committee granted 68% of the maximum bonus amount, which was not disclosed, marking a decrease from the previous two years. The completion rate of milestones in the past year was 53%, lower than the 80% achieved in 2023 and the 94% in 2022. The bank paid 68% in the third tranche due to the inclusion of a 15% total shareholder return over the three-year period.

According to the proxy statement, Citigroup mentioned the Fed and OCC's criticism for unresolved data issues, acknowledging a lack of swift progress. These concerns impacted the performance metric categories and influenced the third tranche of the bonus, accounting for 50% of the total reward.