10:59 AM EDT, 08/14/2024 (MT Newswires) -- Citigroup ( C ) is increasing the limit on some of its top UK bankers' and traders' bonuses, allowing them to earn a bonus that's up to six times their base salary, Bloomberg News reported Wednesday, citing an internal memo.

A previous limit restricted such employees' bonuses to two times their fixed pay, according to the report. The company currently isn't planning to significantly change these employees' fixed pay, the report said.

The changes allow Citigroup ( C ) to offer competitive pay, "remain highly attractive" to talent and promote the right behaviors, Bloomberg reported, citing a company spokeswoman.

Citigroup ( C ) didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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