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Citi pay plan a (small) step in right direction

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

Citigroup’s new executive pay plan raises the bar, just not quite far enough. The bank’s board has implemented a compensation scheme with more rigorous targets for chief executive officer Michael Corbat and his lieutenants. One important performance metric, however, keeps expectations too low.