Citigroup (C) will limit bankers’ cash component of their bonuses to less than $100K, according to theFinancial Times’s Franceso Guerrera this morning, citing anonymous sources. The article notes there will of course be a large stock-based portion, though Guerrera doesn’t specify how much that might be, adding simply that executives at Citi, now free of TARP restrictions, are looking forward to a richer 2010 for bonuses.
In related news, FT’s James Mackintosh combsthrough today’s Q4 report by JP Morgan Chase (JPM) and finds that compensation was well down, as a percentage of income, in Q4, at just 11%, compared to 37% for Q3 and the investment bank norm of 50%. That adds up to a little over half a billion. For the full year, JP Morgan paid out 33% of revenue as comp, or $9.33 billion, up from $7.7 billion in 2008.
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