Execs hit where it hurts most — wallet

Citigroup Inc. will reduce bonuses for dozens of its top executives after the bank was reprimanded by regulators last year.

The reductions may vary widely, depending on the size and structure of each executive’s pay package. Citigroup’s board still is weighing final compensation decisions for the 15-member executive management team, including CEO Michael Corbat.

Office of the Comptroller of the Currency and the Federal Reserve both regulators dinged the bank for failing to properly maintain risk-management systems and other internal systems. The bank spent more than $1 billion on infrastructure and controls in 2020.