Citigroup CEO got big pay boost

Michael Corbat

Citigroup boosted CEO Michael Corbat’s compensation 25% to about $14.4m for 2013, his first full year running the company.

Bloomberg reports that he got 78,528 deferred shares valued at $3.88m, based on the closing price February 18, according to a filing yesterday to the U.S. Securities and Exchange Commission. He received about $5.17m in a cash bonus, $3.88m of performance share units and a $1.5m salary, based on the bank’s description of his compensation plan last year.

Citigroup’s profit jumped 84% to $13.9bn last year as Corbat, 53, boosted revenue and cut costs. The CEO’s package compares with $20m for JPMorgan's Jamie Dimon and $14m for Bank of America’s Brian T. Moynihan. Goldman Sachs gave Lloyd C. Blankfein $23m, and hasn’t said yet whether he will get a long-term incentive granted in past years.

Corbat, who was named CEO in October 2012 after running the bank’s European operations, collected $11.5m in total compensation for that year when the firm’s stock price rose 50%. Because of his split duties that period, his pay for 2013 may not be directly comparable to the earlier figures.

To access the complete Bloomberg article hit the link below:

Citigroup Awards CEO Corbat $14.4 Million for 2013

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images: © Titanic Belfast, © Citigroup

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