Executives hope providing staffers a portion of their annual bonus will coax extra of them to depart quite than having to rely solely on layoffs for the restructuring, the folks accustomed to the matter mentioned.

Workers who settle for the provide are nonetheless anticipated to honor their necessities for gardening go away, that means they can’t instantly take a brand new job, the folks mentioned.

For staffers contemplating their choices, the affords are an opportunity to earn a assured portion of their bonus quite than operating the chance of remaining with Citigroup solely to be caught up within the cuts early subsequent 12 months, which might go away them jobless with no bonus.

The New York-based lender has already reduce greater than 300 senior administration roles as a part of the revamp. These are a part of a wider employees cull that’s anticipated to proceed into 2024, although the corporate has but to place a determine on the final word variety of job cuts.

“Constructing a profitable financial institution requires quite a lot of dedication, exhausting work and resilience from every of us,” Fraser mentioned in a memo to employees final month. “I’m totally conscious we’re asking a variety of our folks.”

For some elite merchants and bankers, their annual bonuses can stretch into thousands and thousands of {dollars} and is usually many multiples of their annual wage. Citigroup usually awards staffers their bonuses in February.

(Credit score: Bloomberg)

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