2023-03-16 12:37:51 ET
- Citigroup ( NYSE: C ) docked the compensation of Paco Ybarra, head of its institutional clients business, after the lender was slapped with $200M in fines over the use of unauthorized messaging apps like WhatsApp by its employees.
- The bank in an SEC filing cited cultural issues in the business that needed further improvements.
- The reduced pay was on account of the messaging scandal, Bloomberg reported , citing a source with knowledge of the matter.
- "There is still much work to be done (in risk control), as evidenced by incidents that occurred during 2022 and mixed results in addressing certain established targets," the bank said in the filing.
- Some 16 financial companies last year agreed to pay over $1.1B in fines to settle a regulatory investigation into employees' use of WhatsApp and other messaging apps for business matters.
- Earlier, Citigroup's ( C ) Jane Fraser received $24.5M in pay for 2022 in her first full year as CEO .
For further details see:
Citigroup docks exec's salary on staffers' misuse of messaging apps - report