Citigroup to overhaul mgnt bonuses: source
Thursday, 03 July 2008

REUTERS, NEW YORK - Citigroup is planning to overhaul its bonus system for hundreds of top managers, a source familiar with the situation said, confirming a report in the Financial Times.

The Financial Times reported on its Web site on Sunday that Vikram Pandit, chief executive, wanted to change the way bonuses were calculated to reward co-operation across different divisions and the performance of the company as a whole.

The move is part of an ambitious plan by Pandit to restore Citi's fortunes by harnessing synergies between its investment banking, commercial banking and wealth management divisions, the paper said.

Pandit is working to cut costs after the bank lost more than $15 billion in the last two quarters.

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