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The City Group has deducted the bonus for 250 top staff under a program that has paid their turn -on efforts to increase the return of shareholders and fix the consent of the US bank.
City’s so -called conversion Bonus program Was placed three years ago to encourage senior staff to enhance the financial performance of the group and improve its risk and control system Order To take action after a high-profile blunder where it accidentally wired $ 900 million in a group of hedge funds.
City According to the bank’s filing on Tuesday, the third and final years of its third and final year gave 5 percent of the targets of the employees for the program. It was 94 percent in 2022 and less than 80 percent in 2023.
The payment of 2024 was encouraged by an uprising associated with the total shareholder return on the bonus program life, which took the total “conversion bonus” for the year 68 percent.
The City said that the standard of payment included the distribution of the target of the bank’s audit team to the targets set by the bank and a remedy for a remedy planned in response to the consent order agreed by the Federal Reserve in 2021.
According to Tuesday’s filing, the bank’s compensation committee does not expect to continue the bonus program.
In a sign of the ongoing operational issues of the city, the bank was Fine $ 136mn In September by US regulators to fail to correct chronic problems in risk control and data management. It also submits a client’s account Including $ 81TN Last year when it only means $ 20 was sent – an error that was reversed after 90 minutes and was classified as “nearest missed” by the bank.
Chief Executive Jane Fraser’s salary rose 33 percent in 2024 to $ 34.5 million. He is not eligible for conversion bonus, which was open to about 250 top staff. Finance Chief Mark Mason’s salary rose by 5 percent to $ 1.5 million.
Fraser City’s long-lasting operational and profitable challenges are by the bank’s dramatic restructuring, out of thousands of employees and tried to resolve a number of high-profile rentals, including several high-profile fare Visan RaghawanHead of banking.
Raghawan, who joined JP Morgan Chase last year, was paid $ 22.6 million by his new employer in 2021, and he was given the second highest salary among the executives who filed a salary for Tuesday.
City’s profit increased by 37 percent last year to $ 12.7 billion. However, the bank’s return on the original measure of profit was only per percentage, it was 5 percent to 5 percent from its 2026 target and behind the peers like Zepimorgan.
