Citigroup Incorporated is increasing salaries for many of its workers—reportedly by as much as 50 percent for some—as it restructures its compensation program to comply with new government restrictions on bonus payments. Citigroup faces restrictions on bonuses as part of a new government compensation-oversight plan because the bank received $45 billion in emergency loans from the U.S. Treasury Department. “Citi continues to examine ways to ensure its employee compensation practices are competitive in this very challenging market environment,” Citigroup said in a statement Wednesday. “Any salary adjustments are not intended to increase total annual compensation, [but] rather to adjust the balance between fixed and variable compensation.”
