Citi to pay bonuses for most of 2023 to workers laid off in massive overhaul: source

Citigroup will pay laid off employees bonuses based on the period they worked this year, a person familiar with the situation said on Wednesday, as the bank undergoes a sweeping reorganization expected to be completed by March.

The bonuses will be paid when laid-off workers leave the bank, said the source who declined to be identified discussing personnel matters.

The bank is not offering bonuses for voluntary redundancy, the source said. Citigroup declined to comment on the matter.

Bloomberg News reported earlier on Wednesday that the bank would pay a portion of the bonuses to employees who volunteer to leave.