Citigroup to Pay Some Workers $1,000 for 'Financial Burden' of Coronavirus

Citigroup will pay 75,000 of its employees worldwide $1,000 each to ease 'financial burden' caused by the coronavirus.
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Citigroup's  (C) - Get Report top executive said Monday that it will send $1,000 awards to some employees to compensate them for working during the coronavirus pandemic.

“We are going to provide more than 75,000 colleagues globally with a special compensation award to help ease the financial burden of this situation,” Chief Executive Michael Corbat said in a memo to employees. 

"In the U.S., an award of $1,000 will be provided to eligible colleagues who make $60,000 or less in base salary. Outside the U.S., the special award will be based on local market compensation levels.”

Corbat said the New York financial services company was aiming to make the vast majority of the payments in April. 

JPMorgan Chase  (JPM) - Get Report and Bank of America  (BAC) - Get Report are also planning to compensate employees affected by the pandemic. JPMorgan Chase will pay $1,000 to branch workers as well as operations and call-center staff who make less than $60,000 in total annual cash compensation. The bank will pay $500 in April and the rest in May. 

Eligible staff working in Bank of America branches will receive a $200 supplement in their biweekly paycheck.

"We continue to work together to help our colleagues through these difficult times in other ways as well," Corbat said in the memo. 

"This is a challenging time for our families, communities and for our firm, but we’ve proven our ability to get through tough times before, and we’ll get through this one as well. You and your families remain in my thoughts and prayers. Thank you for all you continue to do. Stay healthy."

Shares of Citigroup at last check were down 6.5% to $35.57.