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Last-Minute Cuts
World Economy

Last-Minute Cuts

Citigroup Inc this week cut its bonus pool for fixed-income and equity market traders after market revenues plunged during the last two weeks of the year, according to a person familiar with the matter, Reuters said. Bonuses will be down about 5 to 10% from a year earlier, said the person who was not authorized to speak publicly about the matter. As of mid-December, they had been expected to hold steady with the past year. The change is the result of declines across the trading businesses in the last half of the month, the person said.

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