Citigroup CEO paid $14.4 million in 2013

Michael Corbat awarded $5.1 million cash bonus and shares valued at $3.8 million

Michael Corbat, chief executive officer of Citigroup, at the St Petersburg International Economic Forum last June. Photo: Bloomberg

Michael Corbat, chief executive officer of Citigroup, at the St Petersburg International Economic Forum last June. Photo: Bloomberg

 

Citigroup, the third-largest US bank, boosted chief executive officer Michael Corbat’s pay by 25 per cent to about $14.4 million for 2013, his first full year running the company.

He got 78,528 deferred shares valued at $3.88 million, based on the closing price February 18, according to a filing yesterday to the US Securities and Exchange Commission.

He received about $5.17 million in a cash bonus, $3.88 million of performance share units and a $1.5 million salary, based on the bank’s description of his compensation plan last year.

Citigroup’s profit jumped 84 per cent to $13.9 billion last year as Mr Corbat boosted revenue and cut costs.

The CEO’s package compares with $20 million for JPMorgan Chase’s Jamie Dimon and $14 million for Bank of America’s Brian Moynihan.

Goldman Sachs gave Lloyd Blankfein $23 million, and hasn’t said yet whether he will get a long-term incentive granted in past years.

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

Citigroup’s shares rose 32 per cent last year, trailing the 35 per cent advance of the 24-company KBW bank index.

Goldman Sachs climbed 39 per cent, Bank of America gained 34 per cent and JPMorgan rose 33 per cent.

Bloomberg