One person has already been terminated.
The two men at the top of Citigroup acknowledged on Tuesday that the company must do more to simplify itself.
Expenses and efficiency.
Citigroup agreed to pay $1.13bn to settle claims from mortgage-bond investors as it seeks to curb liabilities tied to the financial crisis. It took a $100m first-quarter charge.
Citigroup, the biggest bank to fail Federal Reserve stress tests last week, asked Eugene McQuade to cancel his retirement and lead the company’s submissions over the next year.
Citigroup will consider clawing back compensation or shrinking 2014 pay for any employees linked to a $400m loan fraud at its Banamex unit in Mexico.
A headache is growing for Citigroup as a banking affiliate involved in money transfers across the Mexican border has become ensnared in a criminal investigation.
Citigroup appears to have evidence of wrongdoing at the bank.
Michael Corbat earned $14.1m in 2013, up from $11.5m in 2012. What was so puzzling was that it seemed that he'd done so little to deserve it.
Citigroup boosted CEO Michael Corbat’s compensation 25% to about $14.4m for 2013, his first full year running the company.