Citi delays bonus announcements to address currency risks and restructuring costs

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Citi delays bonus announcements to address currency risks and restructuring costs

NEW YORK - Citigroup Inc (NYSE: C ). has decided to delay its bonus announcements, originally scheduled for January 12th, to Tuesday January 16th, citing the need for financial adjustments due to currency risks in Argentina and Russia totaling $1.3 billion, along with restructuring costs of $780 million. The financial recalibrations affect the bank's records from the third quarter of 2021 through the fourth quarter of 2023.

In the meantime, rival Morgan Stanley (NYSE: MS ) has moved forward with its bonus distributions, although it has reported a reduction in investment banker bonuses this year. The banking industry is facing a period of recalibration as firms navigate a complex global financial landscape marked by volatile currency markets and the need for strategic restructuring.

Both Citigroup and Goldman Sachs (NYSE: GS ) are anticipated to complete their bonus payments by the end of January. Goldman Sachs is expected to disclose its bonus details in conjunction with its fourth-quarter earnings release.

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