The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017.REUTERS/Chris Helgren
February 16, 2018
NEW YORK (Reuters) – Citigroup Inc <C.N> raised Chief Executive Officer Michael Corbat’s annual compensation by 48 percent to $23 million for 2017, a year in which the bank made more money from operations but still fell short of earlier targets.
Directors considered recent progress toward new targets when setting Corbat’s pay, according to a public filing on Friday.
A year earlier, Corbat’s annual compensation was cut 6 percent to $15.5 million after the bank missed financial performance targets and saw one-third of its voting shareholders disapprove of his prior pay.
After that vote, the company made changes to its pay plan, which was then endorsed by 97 percent of voting shareholders at its annual meeting in April.
In July, Citigroup recast targets set in 2013 as new goals for 2020.
In 2017, Citigroup stock jumped 25 percent and its profit rose 4 percent, excluding a charge for the impact of the U.S. tax law change on the value of its deferred tax assets.
Corbat, 57, has been CEO since 2012. Citigroup is the fourth-biggest U.S. bank by assets.
The change in Corbat’s pay compares with annual raises of 5 to 20 percent for some other Wall Street executives. Jamie Dimon, CEO of JPMorgan Chase & Co, <JPM.N> the biggest U.S. bank, was paid $29.5 million, a 5.4 percent increase.
Morgan Stanley <MS.N> CEO James Gorman’s compensation was raised 20 percent to $27 million.
Lloyd Blankfein, chief executive of Goldman Sachs Group Inc <GS.N> received a 9 percent raise to $22 million, the company said on Friday.
Bank of America Corp <BAC.N> CEO Brian Moynihan was paid $23 million, up 15 percent.
(Reporting by David Henry in New York; Editing by Bernadette Baum)
