Citigroup slashed bonues it pays to executives by as much as 70% last year.

According to a report on Bloomberg television, America's third biggest bank's investment division took the largest hit on bonuses.

Quoting an unnamed source, Bloomberg said the average cuts were 30%. The reason given was not the disdain held by the public, nor the threat of more legislation restricting the extent of bonuses, but a fall in ivestment banking business which has resulted in a decline of revenues.

The company recently declared a quarterly dividend on the company's common stock of $0.01 per share, payable on February 24.

The bank earlier this month said it would slash 1,200 jobs 1,200 from its investment banking division this year, a move, probably the first of a number of initiatives, that is expected to save $600 million in costs.

"Our 2011 revenues in certain businesses in securities and banking were disappointing and unacceptable," CFRO John Gerspach, 58, told analysts this week. "If we do not see meaningful revenue recovery over the course of 2012, we will further restructure securities and banking."

Overall Citigroup's fourth quarter revenues of $17.2 billion were down 7% compared to the previous year.

Fourth quarter net credit losses however declined 40% to $4.1 billion.

Full year 2011 net income of $11.3 billion was up 6% from $10.6 billion in 2010, accoding to results released by the banker earlier this month.

Full year 2011 revenues of $78.4 billion compared to $86.6 billion in 2010 driven by a $6.4 billion decline in citi holdings revenues.