Proof that Citigroup really did pay a large proportion of its European bonuses in cash last year?

In the aftermath of the 2010 bonus round, rumour had it that Citigroup had paid a lot of cash. We reported this at the time, but were unable to substantiate it. Now we've come across something which suggests this was genuinely the case.

The 2010 results for Citigroup Global Markets, covering the 12 months to December 31st of that year, show that while employee remuneration remained fairly constant at $962m vs. $1bn for the 12 months to December 2009, the value of 'share based incentive expense' nearly halved from $643m to $346m.

Overall therefore, it appears that Citigroup's London markets staff earned 20% less last year, but that the proportion of their compensation paid in cash rose from 61% to 74%.

This doesn't seem particularly attuned to the FSA's edicts stating that banks must pay an increased proportion of compensation in deferred stock.

A spokesman for Citigroup said: "Citigroup Global Markets Limited is one of several legal vehicles utilised by Citigroup's businesses in Europe, the Middle East and Africa (EMEA), so viewing it in isolation does not provide a complete view of our UK or regional businesses."