Citigroup to give some employees $1000 as coronavirus spreads

Citigroup Inc will provide more than 75,000 employees globally with a special compensation award to help ease the financial burden of the coronavirus pandemic, Chief Executive Michael Corbat told staff in a memo seen by Reuters. In the United States, $1,000 will be provided to eligible colleagues who make $60,000 or less in base salary, while elsewhere the special award will be based on local market compensation levels, Corbat said in the memo on Monday.

Citi aims to make a "vast majority" of these payments next month. Employees who are sick, at high risk or unable to work as a result of the outbreak are allowed to take time off without using paid leaves, the memo added.

The bank extended the time frame for the use of carry-over vacation and was also helping with transport needs for employees who have to come in to work.