Citigroup Gives CEO 4% Pay Raise to $24 Million
February 15 2019 - 6:29PM
Dow Jones News
By Patrick Thomas
Citigroup Inc. Chief Executive Michael Corbat received a
compensation package valued at $24 million in 2018, a 4% raise from
the $23 million he earned in the prior year, according to a
securities filing Friday.
For the year, he earned a base salary of $1.5 million, unchanged
from the prior year, and a $6.75 million cash bonus, up from the
$6.45 million in 2017, according to the filing with the Securities
and Exchange Commission. The rest of his pay package is made up of
about $7.88 million in equity awards and a long-term
performance-based pay worth $7.88 million.
In determining Mr. Corbat's pay, Citi said it considered the
steady progress it made in 2018 toward reaching its financial
goals.
For 2018, Citi reported net income of $18 billion on revenues of
$72.9 billion, compared with a loss of $6.8 billion $72.4 billion
in revenue in 2017. Excluding expenses related to the 2017 tax
reform in both periods, the company said its net income rose 14% in
2018 from the prior year.
Several other big-bank chiefs received raises in 2018. JPMorgan
Chase & Co. boosted James Dimon's pay 5% to $31 million, Morgan
Stanley raised James Gorman's compensation 7% to $29 million, and
Bank of America Corp. increased Brian Moynihan's pay 15% to $26.5
million.
Mr. Corbat was the 10th-highest-paid banking and finance CEO of
the 43 in the S&P 500 in 2017, according to a Wall Street
Journal analysis of pay data from MyLogIQ LLC.
In the bank's most recent quarter, Citigroup's profit was $4.3
billion compared with a loss of $18.9 billion a year earlier, when
it took a large one-time charge related to tax reform. Overall
revenue at the bank was $17.1 billion, down 2% from a year ago.
Citi also said Friday that Mark Mason, 49 years old, will take
over as the bank's chief financial officer effective Feb. 23. The
company said last year that John Gerspach would retire after a
nearly 10-year run as the finance chief. Mr. Mason was previously
the finance chief of Citigroup's Institutional Clients Group.
(END) Dow Jones Newswires
February 15, 2019 18:14 ET (23:14 GMT)
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