Citi revamping rewards structure for banking, wealth referrals, FT reports

Citi (C)group is revamping its compensation structure to directly reward bankers and wealth advisers for cross-selling through new “partnership awards,” replacing a prior system that shared revenue across divisions to better incentivize internal collaboration and business generation, The Financial Times’ Joshua Franklin and Akila Quinio report. “Partnership awards recognize colleagues who champion ‘OneCiti’ through client introductions that generate incremental business wins for banking and wealth,” Vis Raghavan, Citi’s head of banking, and Andy Sieg, who runs the wealth business, wrote in a memo to employees seen by the FT.