Investment Banking

Citigroup CEO Jane Fraser defends $5m bonus plan for top execs

Key execs can get a $5m bonus if the stock hits targets and if they succeed in overhauling risk and control functions

Citigroup CEO, Jane Fraser
Citigroup CEO, Jane Fraser Photo: AFP/Getty Images

Citigroup chief executive Jane Fraser has defended a bonus programme for senior executives after it came under fire from a prominent banking analyst for lacking clarity on targets.

The US bank laid out plans for a bonus of up to $5m each for key executives including its institutional client group chief Paco Ybarra, if the bank stock price hits targets and they successfully carry out a "transformation" of its risk and control functions. But specific targets were not outlined.

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