Citi overhauls bonus system to strengthen conduct culture
Poor conduct score can eliminate bonus regardless of profit contribution
Citi has changed its compensation model in response to the benchmark fixing scandals that have rocked the industry, to ensure the need to establish the correct conduct culture is not overlooked in the quest for profit.
Delivering the keynote address at Risk USA on October 25, Mark Carawan, Citi’s chief compliance officer, said performance scores had previously been aggregated. This would allow a manager rated excellent in profitability but poor in conduct to average a passing grade and earn a
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