Citigroup paid Paco Ybarra, who led its institutional clients group until it was disbanded as part of a broader overhaul, $20m last year, a decline of 11% as some other executives received uplifts.

Ybarra, who worked at Citigroup for 36 years and led its biggest business line, announced his departure from the bank in August ahead of a sweeping overhaul unveiled by chief executive Jane Fraser a month later. The reorganisation, codenamed Project Bora Bora, will strip out management layers and reduce headcount by 20,000 people over the next two years.