There is angst among analysts at Citi in London this week. Juniors were expecting to receive bonuses in their bank accounts last Friday, but were informed at the last moment that this wasn't happening after all.
Citi is among the investment banks paying its analysts on a summer bonus cycle. Juniors at the bank say they were expecting to receive their annual bonuses along with their salaries by 16 August. However, they were informed at around 4pm the day before that bonuses wouldn't be arriving on the 16th after all, and would instead be paid on 30 August to analysts in London, and along with the "September payroll" for analysts elsewhere in Europe.
"I would like to apologise for the inconvenience. The teams are working to fix such issues in the future. Thank you for your understanding," said Paolo Arnaldi, EMEA head of HR for Citi's Institutional Clients Group (investment bank) in a memo seen by eFinancialCareers.
Citi isn't commenting on the delay, but juniors at the bank said it is "causing a lot of anger." Some are said to have been paid on the 15th and to have only discovered the delay when they realised the bonus was missing. "HR only sent the email after a lot of people contacted them," alleges one junior.
This year's apparent upset comes after Citi changed its analyst payment cycle from January to August last year and brought their bonuses forward as a result.
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