By Christina Rexrode
Citigroup Inc.'s Michael Corbat is getting a pay cut.
Mr. Corbat, CEO of the nation's third largest bank by assets, is
expected to be paid about $13 million for 2014. That's down about
10% from the previous year, when he earned $14.5 million.
The payout for Mr. Corbat is calculated according to a
regulatory filing the bank disclosed Friday, and a pay formula that
Citigroup uses for its top executives.
Mr. Corbat is expected to receive a cash bonus of about $4.5
million, which would be down from last year. He is also expected to
be paid $1.5 million in salary, unchanged from last year. The rest
of his pay is dependent on the bank's performance, including the
stock price, and is deferred, meaning it will be paid out over the
coming years. That structure is meant to tie Mr. Corbat's pay to
the bank's longer-term performance.
Write to Christina Rexrode at christina.rexrode@wsj.com
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