Home Tech Citigroup CEO Corbat’s 2019 compensation unchanged at $24 million By Reuters

Citigroup CEO Corbat’s 2019 compensation unchanged at $24 million By Reuters

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Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters


Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

© Reuters. Michael Corbat, CEO of Citigroup, speaks during the Bloomberg Global Business Forum in New York City, New York

Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

(Reuters) – Citigroup Inc (N:) kept its Chief Executive Officer Michael Corbat’s 2019 compensation unchanged at $24 million, according to a regulatory filing on Friday.

Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

Corbat’s total compensation included a base salary of $1.5 million plus cash bonuses of about $6.75 million, equity awards of nearly $7.9 million, and a long-term performance based pay worth $7.9 million. (https://

Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

Members of the board considered the bank’s 2019 operating performance, market levels of pay for the CEO role at peer institutions, and Corbat’s leadership while deciding his compensation, according to the filing.

Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

For 2019, Citigroup reported returns on tangible common equity of 12.1%, beating its 12% target.

Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

Though the biggest U.S. banks largely reported a year of strong top and bottom line growth, executive compensation remained subdued as bank boards have become more cost-conscious reflecting a weaker revenue outlook.

Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

Morgan Stanley’s (N:) board made the rare move of cutting CEO James Gorman’s pay by 7% to $27 million for 2019 in an effort to reduce expenses.

Bank of America Corp (N:) CEO Brian Moynihan’s pay package was flat from a year ago and JPMorgan Chase & Co’s (N:) board gave CEO Jamie Dimon just a half-million-dollar raise, following a $2 million dollar raise the year before.

A year earlier, Corbat enjoyed a 4.35% raise, bringing his total compensation for 2018 to $24 million. In 2018, the bank exceeded its goal for returns on investment but fell short of its efficiency target due to revenue pressure at the end of the year.

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Citigroup CEO Corbat's 2019 Compensation Unchanged At $24 Million By Reuters

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