Citigroup Inc. withheld some compensation it planned to award to Paco Ybarra, who leads the sprawling institutional clients group, after the bank was forced to pay $200 million in penalties over employees’ use of unauthorized messaging channels like WhatsApp last year.
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Wall Street’s Rap Sheet: 6 Biggest Banks Rack up Another $9 Billion in Fines | Better MarketsBanks hit with $549 million in fines for use of Signal, WhatsApp to evade regulators’ reachBanks fined $549 million for hiding messages in iMessage and Signal15 Biggest Compliance Fines ($1Billion and Above)Citigroup made a “downward adjustment” to Ybarra’s pay, citing cultural issues that arose in his division that require remediation, according to a regulatory filing. The pay cut stems from the messaging issue, said a person with knowledge of the matter who asked not to be identified discussing confidential information.
