Citigroup to Pay $1,000 Bonus to Low-Earning Hong Kong Staff

(Bloomberg) -- Citigroup Inc. will award a HK$8,000 ($1,000) special bonus to employees under certain income threshold in Hong Kong to help them overcome financial hardship amid the coronavirus pandemic.

Staff with annual base salary of HK$470,000 or less will receive the payments to their account in April, Citigroup said in an emailed statement on Wednesday. The bank is also extending the deadline for using carry-over vacation days to the end of December from March.

Chief Executive Officer Michael Corbat told employees in a memo last week that the bank will provide more than 75,000 employees globally with a special compensation. Other banks including Capital One Financial Corp. and JPMorgan Chase & Co. have announced similar plans to lower-paid employees and those who are still required to come into the office as the deadly virus spreads.

Citigroup, with 200,000 employees, does business in more than 160 countries.

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With assistance from Bloomberg