Report: Citigroup Is Cutting 2011 Bonuses By 30%


Citigroup, the third largest U.S. bank, is expected to cut 2011 bonuses in the investment bank by about 30%, Bloomberg News reported.

Some bonuses could be cut by as much as 70%, Bloomberg reported citing an unnamed source.

So far it seems that 30% is the trend on Wall Street for 2011 bonus payouts.

Morgan Stanley, Credit Suisse and Bank of America are all expected to cut bonuses by about 30%.