According to the New York Times, energy trader Andrew Hall - who received a pay package worth $98 million - and a second unnamed employee who was paid over $30 million will not be included in the investigation, Reuters reports.
Details regarding compensation levels for 25 of Citigroup's senior executives and best-paid workers were handed to the US government on Friday.
However Mr Hall's case was left out because his contract was signed before the cut-off date of February 11th this year.
The data that has been given to the government will be studied by Kenneth Feinberg, who has been appointed to carry out the review.
He will have 60 days to draw up recommendations for Citigroup - and a number of other companies that have unpaid government debts - regarding pay levels.
By Gary Cooper